The global digital utility market revenue was around US$ 237.3 million in 2023 and is estimated to reach US$ 597.3 million by 2032, growing at a compound annual growth rate (CAGR) of 10.8 % during the forecast period from 2024 to 2032.
Digital utility involves implementing digital strategies within the utility industry to meet particular business objectives. Common objectives in business include enhancing operations, interacting with customers, increasing efficiencies, and investigating innovative business strategies. Current initiatives include a range of technologies like cloud computing, big data, mobile devices, biometrics, and updating the grid with communication infrastructure, sensors, automation, IT/IoT integration, artificial intelligence, and integrated operation centers in funding.
Factors Influencing Market Growth
- The growth of the digital utility market is boosted by an expansion in distribution and renewable power generation efforts. The rise in renewable energy usage has prompted the creation of fresh renewable power generation initiatives.
- IoT technology allows for the deployment of connected devices and sensors across utility networks, providing real-time data and insights that help in monitoring, maintenance, and optimization are driving the growth of the market.
- Deploying digital utility solutions necessitates significant initial investment in technology, infrastructure, and training. This could pose a major obstacle, particularly for smaller utilities operating on tight budgets. are expected to hinder market growth.
COVID-19 Impact Analysis
The dual interface payment card market experienced significant growth during the forecast period due to the influence of the COVID-19 pandemic. The stringent rules for maintaining social distancing amid the COVID-19 outbreak led to an increase in the use of contactless payment methods worldwide. In May 2020, nearly 60% of Visa transactions outside the U.S. were made using tap-to-pay and other contactless payment methods, as reported by Visa data. This surge in contactless payment usage has opened up new growth avenues for the dual interface payment card market.

Regional Analysis
In 2023, North America maintained the leading revenue share. This control can be credited to the existence of various leading companies like MasterCard, and American Express, among others. Furthermore, market participants in North America are introducing dual-interface cards to allow users to make contactless payments using credit and debit cards. In October 2021, TruCash, a payment card provider from Canada, launched a dual interface contactless prepaid Visa card for customers to make contactless payments.

Leading Companies
- ABB Ltd
- Microsoft Corporation
- Accenture plc
- Schneider Electric SE Siemens
- Oracle Corporation
- Capgemini
- SAP SE
- Cisco Systems Inc.
- General Electric Company
- Others
Segmentation Outline
The global digital utility market is segmented based on technology, network, and region.
Segmentation based on Technology
- Hardware
o Type
? Smart Grids
? Smart Meters
? Transformers
- Integrated Solutions
o Type
? Service
? Cloud and Software
Segmentation Based on Network
- Power Generation
- Transmission and Distribution
- Retail
Segmentation based on region
- North America?
o The U.S.
o Canada
- Europe?
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest Of Asia-Pacific
- LAMEA?
o Latin America
o Middle East
o Africa