The digital water solutions market is an emerging market that has promising prospects in the forecast period to 2026. Some of the leading technologies used for companies' management of water resources are artificial intelligence and machine learning. These new technologies have practical applications, help supply, and distribute usable water in different parts of the world.
Digital water solutions market share is projected to grow at a 15% CAGR by 2026, bringing the total to US$1.26 billion in the forecast timeframe.
With global warming and scarcity of water being a real threat, technology-aided water resource management is the need of the hour. There are growing technical applications in environmental and resource management. As the population is perpetually on the increase and resource stores are on the decrease, the use of smart technologies to manage crucial resources like water is extremely important. The scope of the digital water solutions market is therefore high in the forecast years. As the focus of population and civilization shifts to sustainable use of resources, digital solutions to enhance the conscientious use of resources is necessary.
In the upcoming forecast period, the digital water solutions market growth will exceed 10%. The digital water solutions market will reach a value of more than US$1 billion. The development of new digital solutions with the diversification of AI and machine learning in water resource and distribution pattern analysis are key drivers of the digital water solutions sector. The use of real-time data and intelligence in managing local water resources and water supply chains also positively influences the digital water solutions market. The revamp of basic utilities with the help of technology will create more opportunities for growth for the sector.
The digital water solutions market size divides into different segments depending on different criteria. The different criteria of industrial segmentation are technology, solutions type, and utility tier.
- By technology, the market divides into customer management, network management, and asset management.
- By solutions, the market divides into hardware, software, and services.
- By utility tier, the sector has tier I, tier II, and Tier III segmentation.
The digital water solutions market disperses over different regions based on revenue and competitor presence. The major regional markets of the digital water solutions sector are North America, Asia Pacific, Europe, South America, the Middle East, and Africa. North America leads by digital water solutions market share because of the higher presence of key stakeholders. The fastest-growing market share belongs to the Asia Pacific market. Regional analysis of the digital water solutions market is necessary to understand revenue distribution and recent market trends.
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 in the global digital water solutions market. Agreements and partnerships are strategies being employed by solution providers to increase their revenue share.
Many new advancements in the market will set the future digital water solutions market trends. The key players are taking up research and development to perfect technologies behind digital solutions for water management. For example, Wipro Global Group recently developed a digitally enabled platform for Bristol Water that improves the existing water management system for the company.