HFS Horizons: Energy and Utilities Service Providers, 2025

This HFS Horizons: Energy and Utilities Service Providers, 2025 report is for energy and utilities enterprise leaders, service providers, and ecosystem partners evaluating which providers help clients embrace innovation and realize value.

Overview

HFS Horizons: Energy and Utilities Service Providers, 2025 assesses how well consulting, technology, and business services providers help their energy and utilities (E&U) clients embrace innovation and realize value across three distinct Horizons. It evaluates 23 providers across the HFS E&U services value chain, judging each on its value proposition, execution and innovation capabilities, go-to-market strategy, and market impact. The report is global in scope and draws on HFS Pulse demand-side survey data, provider briefings, public information, and client and partner reference checks.

Key findings

1. Horizon 3 Market Leaders include Accenture, Capgemini, Cognizant, EY, Hitachi Digital Services, Infosys, LTIMindtree, Publicis Sapient, TCS, and Wipro. Horizon 2 Enterprise Innovators include Birlasoft, Cyient, Deloitte, EXL, HCLTech, IBM, KPMG, PwC, Schneider Electric, Siemens Energy, and Tech Mahindra. Horizon 1 Disruptors include Fujitsu and NTT DATA.
2. Across the 8 large comparable firms that disclose E&U breakdowns, revenues, headcounts, and client numbers grew 44%, 36%, and 17% over the past three years.
3. Averaged E&U revenue rose from $1.3bn to $1.9bn, headcount from 16,000 to 22,000, and clients from 240 to 280 between 2022 and 2025.
4. Co-innovation with major industry clients is a clear differentiator, alongside efficiency, execution, and depth of domain knowledge, per reference checks with 29 active clients and 30 active partners.
5. The E&U industry focuses on efficiency above all, an opportunity to align technology suites, including AI, toward shared goals such as optimization and decarbonization.

HFS assesses that the E&U industry must transition while leading is still an option, with AI proving value in an old sector during a push for optimization and too-slow decarbonization. HFS finds that transition planning falls short of where it should be, and that the services industry must enhance ecosystem orchestration and co-innovation with systemically important companies to drive the systems change the energy transition needs.

Research methodology

This vendor evaluation assessed 23 E&U service providers globally in 2025, drawing on HFS Pulse survey data, provider briefings, public information, and reference checks with 29 active clients and 30 active partners.

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