A critical assessment report on Digital Water Solutions Market
Digital Water Solution Market size is projected to grow at a 15% CAGR by 2026, bringing the total to $1.26 billion in the forecast timeframe.
Digital water solutions are specified as an ecosystem that consists of an extensive range of products and technologies influenced by water and wastewater providers. This ecosystem also involves hardware, software, and information technology services, making data collection, cutting-edge technologies, data collection, analytical tools, and advanced artificial intelligence and machine learning. Smart water or internet of water are some of the other names for digital water solutions. Emerging economies are using digital water technology to design and operate off-grid and localized water systems and generate dynamic models to aid in the integration of smart equipment for water pumps, valves, and sensors and transmit real-time data from water systems. The digital water solutions market is expected to grow with the growing demand for replacing ageing water infrastructure, and this is predicted to rise rapidly over the forecast period.
Market influencing factors of digital water solutions
The increasing demand for quality water services and the growing digitalization of the utility industry are the two primary driving factors of the global digital water solutions market. During the forecast period, power utilities are projected to focus on lowering carbon emissions as well as making new innovations with smart water solutions. This is further expected to drive the digital water solutions market. However, the absence of a digitally skilled workforce can serve as a major restraint to the expansion of the global digital water solutions market.
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Segmentation report on the digital water solutions market
The global digital water solutions market is categorized into three segments that are technology, solution type, and utility tier. According to the technology segment, the global digital water solutions market is bifurcated into network management, metering & customer management, plant management, work & asset management, and information management. In this segment, the metering & customer management segment is predicted to dominate the market by acquiring the largest share of the market in the forecast period. Further, the network management segment is projected to have second place in having the largest share in the market.
On the basis of the solution type segment, the digital water solutions market trends is further segregated into hardware, software, and services segments. Because of the growing usage of analytical solutions for digital water management, the software segment is expected to expand quickly throughout the forecast period. The global digital water solutions market has been segmented into three tiers based on utility tier, i.e., tier 1, tier 2, and tier 3. The tier 1 category is estimated to hold the greatest share in the projected period within the global digital water solutions market.
According to the regional base, the global digital water solutions market is segmented into Asia-pacific, North America, South America, Europe, and the Middle East & Africa. North America has the largest market share in the global digital water solutions market since the region has the most in-house enterprises providing diverse goods and services for digital water solutions. Moreover, the necessity to replace old infrastructure in North America is propelling the regional industry forward.
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.
Competitive Landscape
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.
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