Utility bill management system is a computer aided tool which is used by operators of electric utility grids for optimizing, monitoring, and controlling the performance of the generation and transmission system in real time. The main features of utility bill management system are budget creation, budget tracking, expenses tracking, contract management, invoice management, and benchmarking.
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Thus, utility bill management system is expected to witness significant adoption among various industry verticals over the forecast period. There are various rules and regulations made by governments across the world for implementing the utility bill management system as it is for controlling the environmental emissions. It also provides services such as load forecasting, data analytics, fault calculation, and state emission, which helps industries in reducing excess power generation. Moreover, the increase in the need for energy cost systems is considered to boost the utility bill management system market growth.
Increase in the need for accurate bill generation and surge in the adoption of smart meters by governments across the globe are the major factors that drive the growth of the market. In addition, increase in energy cost and need for efficient energy systems are factors expected to fuel the growth of the global market. However, lack of technological expertise and data & security concerns hamper the growth of the utility bill management system market. Furthermore, rise in energy crisis as well as growth in industries in emerging economies and commitment to smart city programs by major economies are anticipated to create major opportunities for the market.
The key players profiled in the utility bill management system market analysis are IBM Corporation, Honeywell International, Inc., Siemens AG, Cisco Systems Inc., Schneider Electric SE, ABB Ltd., Eaton Corporation, Itron Inc., CA Technologies, and Emerson Electric Co.
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