Global Customer Information System Market Size to Exceed USD 3.92 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Customer Information System Marketis Expected to Grow from USD 1.37 Billion in 2023 to USD 3.92 Billion by 2033, at a CAGR of 11.09% during the forecast period 2023-2033.
Browse key industry insights spread across 255 pages with 110 Market data tables and figures & charts from the report on the "Global Customer Information System Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution and Services), By Services (Legacy Extension Consulting Service, Customer Information System Implementation Service, and Support Service), By Application (Water and Wastewater Management, Electricity and Power Management, and Utility Gas Management), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/customer-information-system-market
The customer information system market refers to the market for software and technology products designed to help companies manage and assess customer data, communications, and transactions. Customer information systems (CIS) are extensive databases and application platforms used by businesses, particularly those in sectors like utilities, telecommunications, banking, and retail, to collect, store, and analyze customer-related data. widely used by companies to manage and assess customer data efficiently, improving customer service and operational effectiveness. These tools let businesses measure interactions, centralize customer data, and manage transactions across several touchpoints. By using CIS, businesses can enhance decision-making, personalize marketing campaigns, and provide tailored services. The market growth is driven by the cloud solutions are becoming more and more popular in the CIS market. Because companies desire to increase data availability and save IT infrastructure costs, cloud-based CIS solutions are popular. Additionally, CIS is gradually becoming more and more popular when combined with analytics and artificial intelligence capabilities. Through this connection, businesses can better understand the requirements, wants, and behavior of their customers, enabling them to provide better services. However, the market growth is hindered by the high cost and complexity of integrating and deploying contemporary CIS solutions.
The solution segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
On the basis of components, the customer information system market is categorized into solution and services. Among these, the solution segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the need for improved customer relationship management and operational efficiency. Modern solutions with automation and real-time analytics are becoming more and more necessary as businesses strive to personalize their products and optimize their processes. The digital revolution across businesses is further driving the use of advanced CIS technology.
The customer information system implementation service segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of services, the customer information system market is categorized into legacy extension consulting service, customer information system implementation service, and support service. Among these, the customer information system implementation service segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth can be attributed to the agile methodologies are increasingly being employed in CIS implementation to provide flexibility and address challenges linked to development. By prioritizing end-user training and change management, better system adoption and utilization are guaranteed. Businesses are searching for full-service installations to ensure the new CIS meets their specific needs and integrates seamlessly with existing frameworks.
The electricity and power management segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of application, the customer information system market is categorized into water and wastewater management, electricity and power management, and utility gas management. Among these, the electricity and power management segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth can be attributed to the electricity and power management industry is undergoing digitalization and a transition to smart grids. Cutting-edge CIS technologies are being utilized to control electricity distribution, evaluate the grid's condition, and integrate renewable energy. Utilities may improve grid stability, effectively manage energy use, and satisfy customers by utilizing RTM and data analytics. The deployment of sophisticated CIS systems and smart grid technology is also being fueled by the creation of new technologies and more stringent regulations.
North America is anticipated to hold the largest share of the global customer information system market over the forecast period.
North America is anticipated to hold the largest share of the global customer information system market over the forecast period. The rapid deployment of advanced infrastructure and technology. The region is home to some top CIS providers, and incorporating cutting-edge technologies like cloud computing and artificial intelligence is essential. The United States in particular, has made a substantial contribution to this growth as more companies invest in digital transformation and consumer data management solutions.
Asia Pacific is estimated to grow at the fastest CAGR of the global customer information system market during the forecast period. The rapid digital transformation and a rise in smart utility projects in these areas. Cloud-based CIS solutions are growing in popularity in the region since they are more flexible and expandable in terms of the amount of data they can manage. The primary force behind this change is the increased emphasis on developing smart cities and using IoT technologies that improve real-time data processing and consumer contact. Utility firms are also updating their infrastructure to incorporate renewable energy and efficient resource management, in line with the trend toward sustainability and efficiency.
Major vendors in the global customer information system market are IBM, Advanced Utility Systems, SAP SE, Gentrack, Cayenta, Oracle, Fluentgrid Limited, Itineris, ATS, Inc., Fluentgrid, Ltd., Itineris NV, Indra Company, and others.
Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting and Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Key Market Development
In August 2023, IBM purchased Apptio, a leader in technology-based company management tools. This acquisition seeks to increase IBM's ability to provide comprehensive IT financial management solutions, including advanced analytics and financial planning tools for enterprise clients, thereby expanding its offerings in the CIS market.
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global customer information system market based on the below-mentioned segments:
Global Customer Information System Market, By Component
Solution
Services
Global Customer Information System Market, By Services
Legacy Extension Consulting Service
Customer Information System Implementation Service
Support Service
Global Customer Information System Market, By Application
Water and Wastewater Management
Electricity and Power Management
Utility Gas Management
Global Customer Information System Market, By Regional
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights& Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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