Annual Revenue for Utility Customer Experience and Management Technologies Analytics Is Expected to Near $700 Million by 2029
Utilities using customer experience technologies report enhanced customer satisfaction, lower operational costs, reduced bills for customers, and environmental benefits
A new report from Guidehouse Insights examines the global marketplace for customer experience and management technologies, providing details on market sizing for 2020-2029, segmented by region and spending category.
Many utilities are rethinking the relationship they have with their customers. The traditional approach that centered around meter-to-cash activities and call center operational efficiency has evolved to encompass digital technologies and data-driven decision-making. Websites with sophisticated self-service capabilities, mobile applications, and online chat support are just a few of the engagement channels now considered standard. Click to tweet: According to a new report from @WeAreGHInsights, the market for customer experience and management technologies analytics, a leading indicator of the broader customer experience market, is expected to grow from about $303 million in 2020 to nearly $700 million by 2029, with a compound annual growth rate (CAGR) of 9.6%. The total market is expected to grow from approximately $11 billion in 2020 to $16 billion by 2029, with a compound annual growth rate (CAGR) of 3.5%.
“As the industry further embraces digital transformation, progressive utilities are becoming more dependent on technology and data to drive value, manage the grid, and improve the customer experience,” says William Hughes, principal research analyst with Guidehouse Insights. “More utilities are now using digital tools to engage their customers in new ways, transform traditional offerings, optimize operations, and empower employees.”
According to the report, utilities that have embraced customer experience and management technologies have benefitted from enhanced customer satisfaction, lower operational costs, reduced bills for customers, and a host of environmental benefits. To date, the COVID-19 pandemic has had minimal negative impacts on the adoption of these solutions, with some vendors reporting that it has even accelerated customer implementation plans.
The report, Market Data: Customer Experience and Management Technologies, examines the global marketplace for customer experience and management technologies with solutions in four categories: customer information systems, customer engagement, demand side management, and customer operational analytics. The report discusses factors driving and inhibiting the projected growth of these solutions and provides details on market sizing for 2020 to 2029, segmented by region and spending category. In addition, the report offers a set of best practices for utilities and their vendor partners. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Customer Experience and Management Technologies, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.