Global Market for Digital Forms for Electric Utilities, Upstream & Midstream Oil & Gas, Natural Gas Distribution, and Telecommunications Is Estimates to Grow at a Compound Annual Growth Rate of 15% Through 2031
Market barriers include cost and change management-related organizational inertia
A new report from Guidehouse Insights provides an overview of applications for five industry settings in which digital forms may provide substantial benefits: electric utilities, telecommunications, natural gas distribution, midstream oil & gas (O&G), and upstream O&G. It also provides information on key players in the digital forms in critical infrastructure market.
Across a broad range of industries, the digital transformation has progressed from a competitive advantage to an outright business requirement. According to a new report from Guidehouse Insights, the global market for digital forms in upstream and midstream O&G, telecoms, electric utilities, and natural gas distribution is expected to grow from $350 million in 2022 to $1.24 billion in 2031 at a compound annual growth rate (CAGR) of 15.1%.
“Multiple interrelated factors are converging to incentivize energy and utilities players to adopt digital forms solutions,” says Clay Killingsworth, research analyst with Guidehouse Insights. “Capturing the operational efficiencies afforded by replacing legacy communications and data collection methods with digital solutions is a must for energy and utilities industry participants to remain competitive in a rapidly changing market landscape.”
Despite clear incentives, significant barriers to digital forms adoption remain for energy and utilities customers. A leading factor is cost. Despite the efficiency--driven cost savings that digital forms solutions offer, startup costs may deter some potential customers from committing to the highest ROI digital forms use cases, according to the report.
The report, Digital Forms in Critical Infrastructure, provides an overview of five industry settings in which digital forms may provide substantial benefits: electric utilities, telecommunications, natural gas distribution, midstream oil & gas, and upstream oil & gas. It also provides information on key players in the digital forms market, including low and no-code vendors and workforce management systems vendors, with an emphasis on energy and utilities applications. Further, the report analyzes the expected investment in each of these industrial segments by global region through 2031. The discussion includes the latest market trends in digital forms for energy and utility applications, and an exploration of potential applications for deployment. The report concludes with detailed and actionable recommendations on how customers and vendors can address this fast-changing market. 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, Digital Forms in Critical Infrastructure, 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.