According to the recent research report titled ‘Customer Information System Market Size By Component, By Deployment Model, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global customer information system (CIS) market is projected to record substantial growth during 2020-2026.
 

Surging demand to control utility consumption & billing management, increasing government smart city initiatives, growing consumption of utility services, rising penetration of IoT and cloud solutions, and integration of CIS with AI (artificial intelligence) are the key factors driving the growth of global customer information system (CIS) market.
 

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There has been a surging demand for utility billing business process and CIS. Rising adoption of meter to cash (M2C) systems for offering metered water, electricity and gas coupled with cost efficient and customer friendly nature of CIS are further propelling the market expansion.
 

New CIS technology helps utilities optimize system operations, endorse new marketing campaigns, provide flexible billing of different services and goods, handle customer information efficiently, and exploit internet & e-commerce and capture, thereby stimulating global customer information system industry outlook. However, high initial investment and complex integrations, along with increasing risk of data breaches & cyberattacks may hamper the industry expansion.
 

Based on component type, the report states that the support & maintenance service segment is expected to expand with a CAGR of 10% during 2020-2026. The growth is attributable to surging demand for managing and maintaining customer information systems.
 

Citing the regional landscape, Latin America held 12% share of global customer information system market in 2019 and is poised to witness similar growth in the ensuing years. High consumption of utilities is fueling the regional market growth.
 

Meanwhile, Middle East & Africa customer information system industry is projected to record a CAGR of 12% between 2020 and 2026, on account of rapid industrialization in utilities sector and evolving smart cities. Rising smart city initiatives across the Middle East along with rapid urbanization is likely to propel the customer information system industry expansion in Middle East & Africa.
 

Leading organizations in global customer information system market are Wipro Ltd., VertexOne, SAP SE, Oracle Corporation, Open International Ltd., NorthStar Utilities Solutions, Milestone Utility Services Inc., Itineris N.V., Indra Sistemas S.A, IBM Corporation, Hansen Technologies Corporation, Gentrack Ltd., Fluentgrid Ltd., Ferranti Computer Systems N.V., Efluid SAS, Cogsdale Corporation, Cayenta Canada, Inc., Avertra Corporation, ATS Inc., Agility Customer Information System, and Advanced Utility Systems Corp.