Blockchain Press Releases

Digital Utility Market to Reach $594.2 Million, Globally, by 2032 at 10.8% CAGR: Allied Market Research

Published

1 year ago

June 30, 2023

application-modernization-services-market-to-reach-$698-billion,-globally,-by-2032-at-16.5%-cagr:-allied-market-research

The global digital utility market is driven by a rise in focus on energy utility operations efficiency and an increase in investments in renewable energy.

PORTLAND, Ore., June 30, 2023 /PRNewswire/ — Allied Market Research published a report titled, “Digital Utility Market by Technology (Hardware and Integrated Solutions) by Network (Power Generation, Transmission and Distribution, and Retail): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global digital utility industry was valued at $214.2 million in 2022 and is projected to reach $594.2 million by 2032, growing at a CAGR of 10.8% from 2023 to 2032.

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Prime Determinants of Growth:

The global digital utility market is driven by a rise in focus on energy utility operations efficiency and an increase in investments in renewable energy. However, the high operating costs hinder market growth to some extent. Moreover, the increase in digital power plants and digital buildings offers remunerative opportunities for the expansion of the digital utility market.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032 Advertisement
Base Year	2022
Market Size in 2022	$214.2 Million
Market Size in 2032 Advertisement	$594.2 Million
CAGR	10.8 %
No. of Pages in Report	450 Advertisement
Segments Covered	Technology, Network, and Region
Drivers	Rise in focus on energy utility operations efficiency
Drivers	Increase in investments in renewable energy Advertisement
Opportunities	Increase in digital power plants and digital buildings
Restraints	High operating cost

Impact of Russia-Ukraine War on the Digital Utility Market:

Infrastructure disruption was a major consequence, as utility infrastructure such as power grids, communication networks, and water management systems were damaged or disrupted. This caused interruptions in the operations of digital utility systems and impeded the implementation of new technologies.
Security concerns were heightened due to the conflict, particularly in terms of cybersecurity. Utilities faced increased risks of cyberattacks and data breaches, necessitating the implementation of stronger security measures to safeguard critical infrastructure and customer data. The conflict also led to delays in utility modernization efforts. Investments and projects related to smart grids, energy management systems, and data analytics were put on hold or delayed due to the uncertainty caused by the geopolitical situation.

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The hardware segment is expected to lead the trail by 2032:

Based on technology, the hardware segment held the highest market share in 2022, accounting for three-fifths of the global digital utility market revenue, and is expected to lead the trail by 2032. The same segment would also display the fastest CAGR of 10.9% during the forecast period. This is attributed to the substantial investments in smart metering and EV charging. In addition, the hardware is extensively used in next-generation equipment. The declining demand for traditional metering systems has increased the preference for technology and intelligent meters.

The transmission and distribution segment to maintain its dominance throughout the forecast period:

Based on the network, the transmission and distribution segment held the highest market share in 2022, accounting for nearly three-fifths of the global digital utility market, and is expected to maintain its dominance throughout the forecast period. The same segment would also showcase the fastest CAGR of 10.9% during the forecast period. This can be attributed to the fact that the new digital devices and communications and control systems increase the effectiveness of assets and facilitate the monitoring and management of electric transmission and distribution networks. Due to the increasing importance of monitoring and administering electric transmission and distribution systems, the utility industry makes extensive use of transmission and distribution solutions.

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Asia-Pacific to rule the roost by 2032:

Based on region, Asia-Pacific held the highest market share in 2022, accounting for more than one-third of the global digital utility market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The same region would also portray the fastest CAGR of 11.5% from 2023 to 2032. Increasing domestic electricity demand and shifting regional regulatory standards are anticipated to drive demand for digital utility solutions. Increasing infrastructure development activities and energy demand also contribute to the expansion of the regional market in Asia-Pacific.

Leading Market Players:

ABB LTD.
GENERAL ELECTRIC COMPANY
SAP SE
ORACLE CORPORATION.
CISCO SYSTEMS INC.
ACCENTURE PLC
MICROSOFT CORPORATION
SCHNEIDER ELECTRIC SE.
SIEMENS
CAPGEMINI

The report provides a detailed analysis of these key players in the global digital utility market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

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Blockchain Press Releases

Africa Exclusive: Bybit Promotes Crypto Education with P2P Security Webinar

Published

1 day ago

November 22, 2024

CISION (PR Newswire)

africa-exclusive:-bybit-promotes-crypto-education-with-p2p-security-webinar

DUBAI, UAE, Nov. 22, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, sets out to raise awareness of P2P security and to equip users with the latest anti-fraud knowledge and tools in a new learn and earn event exclusively for users in Africa. Hosting a P2P security Webinar on Nov. 25, Bybit P2P will also be announcing a prize pool valued at 10,000 USDT for a new Africa-exclusive deposit event.

P2P Security Webinar
On Nov. 25, the live webinar on P2P security will be broadcast in the Bybit Africa Telegram group from 7 to 9PM UTC. Attendees may benefit from a comprehensive session on tips and the latest know-how on asset safety and counterparty risks. The free webinar will cover the following topics:

Fraud detection: users will learn about signs of common scams and steps to verify payment authenticity.
Staying safe with Bybit P2P: users get to discover Bybit’s security tools and the latest features to combat fraudulent attempts.
Trading with confidence: users will gain practical advice and practical tips on how to trade safely.

The floor will be open for a live Q&A session after the sharing by Bybit P2P experts. Ahead of the webinar, attendees are invited to submit questions and the lucky ones will win 10 USDT if their questions are chosen by the speakers.

10,000 USDT Rewards for First-Time Deposits
From Nov. 25 to Dec. 15, 2024, new users who successfully sign up for a Bybit account and complete Identity Verification Level 1 may be eligible to share in a 10,000 USDT prize pool reserved for eligible users in Africa only. Users must sign up for the event and make a deposit via Bybit P2P to qualify and win up to 10 USDT, terms and conditions apply.

“Financial fraud is an age-old challenge and users must stay vigilant as scammers and fraudsters evolve. Bybit is constantly investing in our hardware and software to build the necessary guardrails for our platform. It does not take away the importance of user education, however, and we hope through engagements of this kind, we can help elevate the community on a path of growth,” said Joan Han, Sales and Marketing Director at Bybit.

P2P is an organic part of the crypto economy and helps to promote inclusivity in emerging economies. With Bybit P2P, users of all levels may access the user-friendly peer-to-peer trading platform to trade between themselves at an optimal, agreed-upon price. The service minimizes the need for the middleman, improving cost effectiveness while providing exchange-backed platform security.

Find out more about the event and eligibility at Bybit P2P.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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Blockchain Press Releases

Polygon Collaborates with WSPN to Drive Stablecoin Adoption Through WUSD

Published

1 day ago

November 22, 2024

CISION (PR Newswire)

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a pioneer in digital payment solutions, and Polygon Labs, a software development company building the leading network of aggregated blockchains via the AggLayer, today announced their strategic collaboration aimed at unlocking the full potential of digital finance, focusing on the expansion and adoption of WUSD, WSPN’s flagship stablecoin.

WSPN has integrated Polygon PoS into its WUSD network infrastructure earlier this year. Now, this collaboration will focus on rapidly expanding WUSD adoption. Polygon Labs’s crucial liquidity support will be instrumental in bolstering WUSD’s mass adoption across various markets.

This collaboration will unlock opportunities to explore a range of innovative use cases for stablecoins, payments, and DeFi. Key areas of focus include facilitating payments and tokenization solutions for companies operating in Hong Kong SAR and Singapore, developing on-chain green finance projects tailored for African clients, and building robust DeFi platforms that leverage the strengths of both WSPN and Polygon technologies. These initiatives are strategically designed to address diverse market needs and drive the adoption of WUSD across a variety of regions and sectors.

By combining WSPN’s expertise in stablecoin solutions with Polygon’s advanced blockchain infrastructure, this collaboration will drive significant advancements in the digital asset space, particularly in emerging markets and the rapidly evolving DeFi sector.

About WSPN

WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN ‘s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.

Learn more: www.wspn.io | X | LinkedIn

About Polygon Labs

Polygon Labs is a software development company building and developing a network of aggregated blockchains via the AggLayer, secured by Ethereum. As public infrastructure, the AggLayer will bring together user bases and liquidity for any connected chain, and leverage Ethereum as a settlement layer. Polygon Labs has also contributed to the core development of several widely-adopted scaling protocols and tools for launching blockchains, including Polygon PoS, Polygon zkEVM, and Polygon Miden, which is in development, as well as Polygon CDK.

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Blockchain Press Releases

Bybit Waives P2P Transaction Fees for Users in Africa

Published

2 days ago

November 21, 2024

CISION (PR Newswire)

bybit-waives-p2p-transaction-fees-for-users-in-africa

DUBAI, UAE, Nov. 21, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to reaffirm its commitment to providing ease of access to digital assets for eligible P2P users in Africa at zero fee. Connecting buyers and sellers at no cost, Bybit P2P continues to be the benchmark for cost-effective and convenient trading experiences.

Since its launch in Jan. 2022, Bybit P2P has consistently provided a user-friendly platform for users seeking a safer way to participate in the digital asset class. The services are offered at no costs for merchants and takers in P2P transactions:

Merchants: Merchants may post advertisements on Bybit P2P for free.
Takers: Users may place an order through advertisements listed on the P2P platform at no costs. The offer stands across all fiat trading pairs. Third-party fees may incur depending on the payment method chosen, as the payment providers may charge a transaction fee.

P2P Fee Structure (Africa)

	Taker Fee (Sell Page)	Maker Fee (Sell Page)
Bybit Advertisement	0 %	0 %
Competitor B	0.5% on completed orders for certain trading pairs	0 % Advertisement

In addition, Bybit has launched an exciting P2P Coupon Giveaway Campaign from now to Jan. 15, 2025. As part of this initiative, users can earn a share of up to 20,000 USDT in rewards by completing tasks such as depositing $100 or trading $50,000 through Bybit P2P. The rewards will be in the form of Bybit P2P coupons to be redeemed in the next purchase, making the zero-fee transactions an even better deal for winners.

“Bybit’s steadfast commitment to contributing to financial inclusion comes in all forms, and keeping our P2P services free for as long as we can, and for as many users as possible, is one of the ways to support the crypto community,” said Joan Han, Sales and Marketing Director at Bybit. “When users come to our platform with the hopes of generating income on their assets, we want to play a supportive role in helping them reach their personal financial goals,” she added.

P2P on Bybit offers an intuitive and cost-effective peer-to-peer trading platform, facilitating the buying and selling of two users’ holdings at an optimal, agreed-upon price between them. With Bybit P2P, users stand to benefit from Bybit’s enterprise-level security and advanced features including comprehensive built-in KYC and KYB verification mechanisms, rigorous asset management protocols, and 24/7 customer service.

Find out more about the event and eligibility at Bybit P2P.

#Bybit / #TheCryptoArk

About Bybit

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