Digital Water Solutions Market Size, Analysis & Forecast to 2027
Digital water solutions are modern technologies leveraged by water and wastewater companies to understand utilities. Artificial intelligence and machine learning are employed by utility owners for management of water systems through real-time data of water systems. The global digital water solutions market report by Market Research Future (MRFR) forecasts predictions for the assessment period (2020-2027) while keeping in mind the COVID-19 pandemic. It provides insights on water temperature, operating pressure, and impact on transparency on metrics.
The global digital water solutions market size is anticipated to exhibit a CAGR of 12.01% over the forecast period. It can reach a size of USD 1.26 billion by the end of the forecast period. Digital water solutions can manage local water systems with ease using real-time intelligence. Rising digitalization of utilities and quality water services are two major drivers of the market. The focus of power utilities on lowering carbon emissions and conservation of water can bode well for the market growth.
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The COVID-19 pandemic has pushed the idea of implementation of secure digital technologies. Environmental and regulatory policies have led to its rapid implementation by utility providers. Need for frequent handwashing and sanitization of utensils has been imperative in non-interruptions of water supply. Financial concerns and remote working offered to teams may bolster the market demand and implementation of digital water solutions in the coming years.
But the lack of a skilled workforce can hamper the market growth. Threats of cybersecurity can also impede the market.
Based on technology, the global digital water solutions market is segmented into network management, metering & customer management, work & asset management, plant management, and information management. The metering & customer management segment is expected to hold the largest share of the market and grow at the highest rate during the forecast period. Utility providers are developing mobile applications and CRM systems to dispense useful information and deliver water usage bills to their phones for convenience. The aim to create a scalable system and touch all customer touchpoints can push the segment growth. However, the network management segment is projected to hold the second largest share during the forecast period in the digital water solutions market. This is attributed to the use of analytics for measuring water usage and consumer behavior.
Based on solution type, the market is segmented into hardware, software, and services. The software segment is estimated to grow at the fastest rate during the forecast period due to the rising adoption of analytical solutions for digital water management. These technologies are used in assessing water consumption and billing rate structures.
By utility tier, the global digital water solutions market has been segmented into tier 1, tier 2, and tier 3. The tier 1 segment is expected to hold the largest share within the global digital water solutions market.
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global digital water solutions market.
North America held the largest market share owing to large number of domestic solution providers offering their services to utility companies. The need for replacement of legacy infrastructure can bode well for the regional market growth.
The APAC market is likely to exhibit a robust growth rate over the forecast period owing to adoption of internet of things, demand for constant supply of water, and rapid urbanization.
Atonix Digital, Aqueduct, TaKaDu, Innovyze, Space-Time Insight, Plutoshift, Schneider Electric, Analytical Technology, Inc., ABB, PowerPlan, Minsait, Bentley systems, Copperleaf Technologies, Assetic, and Intelliflux Controls are key players of the global digital water solutions market. Agreements and partnerships are strategies being employed by solution providers to increase their revenue share.
Wipro Global Group has provided a digital experience platform for Bristol Water to improve the existing water systems. It can control various factors of operation such as low maintenance, instant release, and high security.
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