Utilities Sector ICT Market Size and Forecast (by Country, IT Solution Area and Vertical) to 2027
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Utilities Market Overview
The global Utilities market was valued at US$ 118.76 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 10.61% to reach a value of US$ 196.59 billion by 2027. The cumulative revenue generation opportunities for ICT in the Utilities is estimated at US$ 914.43 billion between 2022 to 2027.
Utilities Market Outlook, 2022-2027 (US$ Billion)
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The Utilities market opportunity forecast report provides the total addressable market for the ICT Solutions in Utilities sector from 2019 to 2027.
Market Size (2022) | US$ 118.76 billion |
Market Size (2027) | US$ 196.59 billion |
CAGR (2022-2027) | 10.61% |
Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
Key IT Solutions | • Application Development and Management (3 Products/Services)
• Artificial Intelligence (4 Products/Services) • Business Process Applications (9 Products/Services) • Business Process Outsourcing (6 Products/Services) • Client Computing (10 Products/Services) • Cloud Computing (7 Products/Services) • Communications and Collaboration (10 Products/Services) • Consulting & Integration Services (3 Products/Services) • Data and Analytics (6 Products/Services) • Data Center and Hosting (2 Products/Services) • Edge Computing (11 Products/Services) • Internet of Things (IoT) (3 Products/Services) • IT Management (11 Products/Services) • Mobility (5 Products/Services) • Networking (18 Products/Services) • Security (17 Products/Services) • Servers (4 Products/Services) • Storage (7 Products/Services) |
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ICT in Utilities by Region
The ICT market in Utilities sector is geographically segmented into North America, South & Central America, Western Europe, Central & Eastern Europe, the Middle East & Africa, and the Asia Pacific.
The Asia Pacific region dominated the Utilities market with a revenue share of 32.4% in 2022. Undoubtedly, the China is the major contributor to the Utilities market growth in this region. Furthermore, Western Europe and North America held the second and third position of the market with a share of 22.3% and 17.4%, respectively.
Utilities Market Analysis by Region, 2022 (%)
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ICT in Utilities by IT Solution
Internet of Things (IoT), Cloud Computing, Networking, Client Computing, Consulting & Integration Services, Business Process Outsourcing, Communications and Collaboration, Application Development and Management, Business Process Applications and IT Management among others are some of the key end-use industries using IT Solutions in their operations.
In terms of IT Solutions end-use segments, the Internet of Things (IoT) is the largest segment with 19.8% market share, followed by the Cloud Computing. Additionally, Artificial Intelligence is anticipated to be the fastest growing segment recording an estimated CAGR of 29.99% during the forecast period.
Scope
- This product provides revenue opportunity forecasts for ICT products and services in the Utilities sector from 2019 to 2027, spanning 18 IT Solutions, 133 Products/Services, 6 regions and 52 geographies. The details of the IT solutions and the corresponding Products/Services has been provided.
Key Highlights
- Assess the historic data (past 4 years), current state, and expected growth (next 5 years) of the ICT in the Utilities Sector
- Identify the fastest growing products/services within the ICT in the Utilities Sector market
- Determine the most lucrative IT Solution for ICT in the Utilities Sector considering their current contribution to the overall ICT in the Utilities Sector market and their expected contribution to the growth of the market over the next 5 years
- Identify the geographies/countries who would be the contributors to the growth of ICT in the Utilities Sector market over the next 5 years
- This survey report offers a thorough, forward-looking analysis of Utilities Sector Enterprise ICT Investment Trends and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
Reasons to Buy
- Assess the historic data (past 4 years), current state, and expected growth (next 5 years) of the ICT in the Utilities Sector
- Identify the fastest growing products/services within the ICT in the Utilities Sector market
- Determine the most lucrative IT Solution for ICT in the Utilities Sector considering their current contribution to the overall ICT in the Utilities Sector market and their expected contribution to the growth of the market over the next 5 years
- Identify the geographies/countries who would be the contributors to the growth of ICT in the Utilities Sector market over the next 5 years
- This survey report offers a thorough, forward-looking analysis of Utilities Sector Enterprise ICT Investment Trends and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
Frequently asked questions
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What was the ICT in the Utilities market size in 2022?
The global Utilities market size was estimated at US$ 118.76 billion in 2022 and is expected to reach US$ 127.53 billion in 2023.
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What is the ICT in the Utilities market growth?
The global Utilities market is expected to grow at a compound annual growth rate of 10.61% over the forecast period to reach US$ 196.59 billion by 2027.
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Which IT Solution led the ICT in the Utilities Sector market?
The Internet of Things (IoT) was the largest IT Solution with 19.8% market share in 2022.
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Which region accounted for the largest Utilities market share?
The Asia Pacific region dominated the Utilities market with 32.4% market share in 2022.
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