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Customer Information System Comprehensive Market By component (software and service); By Application (electricity management, utility management, water and wastewater management and others); By service type (24*7 assistance service, product update service and repairing and testing service) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Customer Information System Comprehensive Market to surpass USD 2955.5 million by 2030, which is valued at 1064.3 million in 2021 at a compound annual growth rate of 12%.
The customer information system (CIS) is a useful system that enables consumers to easily customize databases in a user-friendly environment. The user-defined field helps the customer information system in adapting the business without updating the software already present. The management for customer service that provides services like call centers, voice responses as well as interactive responses, enables the clients to engage with their customers and build a good relationship with them thus dealing with the daily requirements of the business. It also provides features capable of supporting customer data entities and promoting a single point of customer contact along with raw data access permitting the utilities to execute, design, and customize the market operations. CIS also is efficient in gathering and managing customer information while improving the system operations and providing flexibility in the billing of goods and services.
Customer Information System Comprehensive Market is expected to project a CAGR of 12% during the forecast period, 2021-2030
Increased adoption of cloud-based technologies as well as IoT and the rise in the smart city initiative using technological concepts around the globe are likely to increase the market growth. Additionally, advancements in technology including the increased usage of artificial intelligence are also expected to act as a driving force in the market.
The rise in cloud-based technology and smart city concepts is to drive market growth.
Increased adoption of cloud-based technologies as well as IoT and the rise in the smart city initiative using technological concepts around the globe are likely to increase the market growth. Additionally, advancements in technology including the increased usage of artificial intelligence are also expected to act as a driving force in the market. The customer information system helps in finding the changed behavior of end-users in the market.
Government data regulations and cybersecurity challenges hamper the market growth.
Strict government data regulations for the customer information system market are likely to hamper its growth. Additionally, data theft in the CIS market due to the inefficiency of organizations for disaster recovery solutions will affect market growth negatively.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. North America holds the largest CAGR in the market due to the high demand and consumption of energy along with government support and ventures such as grid modernization projects. The APAC region is likely to dominate North America during the forecast period owing to the increased disposable income of people in the developing nations as well as the shift in focus of companies on customer satisfaction.
IBM Corporation
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