Global Digital Water Solutions Market Report 2023: Adoption of Software and AI and ML-Based Data Analytics Solutions Bodes Well for the Burgeoning Sector – Forecasts to 2028
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DUBLIN, June 20, 2023 /PRNewswire/ — The “Digital Water Solutions Market-Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Digital Water Solutions Market is anticipated to grow at a robust pace in the forecast period, 2024-2028, owning to the rise of smart technologies used worldwide.
The global population is rapidly growing, and the constant rise in demand for quality water for a variety of uses, as well as the gradual acceptance of digitalization, is one of the solutions that reduce water-related difficulties.
It opens up new opportunities – using the capabilities of the Internet of Things (IoT) and sensor systems aids in the transition from traditional to more innovative and advanced methods.
The two most important forces driving the growth of the global digital water solutions market are higher demand for high-quality water services and increased digitization of the distribution sector. While utility firms create carbon pollution and intelligent water technologies, the digital water solutions business is expected to grow over the predicted timeframe. While the global digital water solutions business is predicted to grow, the lack of digitally proficient people is a hindrance.
Water utilities may now integrate business activities more effectively, thanks to technological advancements, propelling them towards success. Combining a range of new technology may improve the overall running efficiency of the water network with minimum physical expenditure.
These breakthroughs and intelligent infrastructures are employed within the innovative water sector to produce unique solutions for clients. Intelligent solutions are expected to gain appeal and desired momentum in the following years as people become more concerned about water quality and technological advances.
Adoption of Software and AI and ML-Based Data Analytics Solutions
The adaptation of AI (Artificial Intelligence), ML (Machine Learning) based data analytics solutions, and Digitization, are the first steps in the shift.
The digital data can be used to develop innovative water solutions for cities, buildings, and private homes. The Industrial Internet of Things (IoT) is the backbone over which water data moves in both directions, between the edge and control centers.
With digital connectivity and operational efficiency, the regions covered by digital water solutions improve quality of life and significantly decrease water shortages. IoT in water utility applications includes the usage of smart water meters, blockchain applications, and smart wastewater treatment systems to enhance water quality, propelling the global digital water solutions market.
The Replacement of Aging Water Infrastructure
Due to technological advancements, the replacement of old water infrastructure is becoming a key source of taking efforts to improve digital water solutions. Companies that provide industrial cleaning services to towns, power plants, commercial buildings, and other facilities provide a variety of technologies and services.
The good news is that this technology is continually improving, making it simpler for municipalities and other end-users to ensure that they are getting clean and efficient water pipeline services. As a result, the increased use of smart technology by firms is driving market growth.
In 2022, the Software Sector will Account for Most of the Revenue in the Global Digital Water Solution Market.
The global digital water market is divided into three segments based on solution type: hardware, software, and services. During the forecast period, the software sector will likely dominate in revenue contribution to the worldwide digital water market. Intelligent water metering software solutions, wastewater treatment employing AI, blockchain technology, and other technologies are in great demand.
Based on the IoT factory software platform, the intelligent solution water meter enables the integration of various sensors and water meters to monitor humidity, carbon dioxide (CO), temperature, smoke detection, or the presence of water. Such meters may also be used to manage water flow, get automated monthly bills, and receive leakage warnings, all of which are projected to promote the expansion of the software industry.
Market Dynamics
Drivers
- Adoption of software and AI and ML-based data analytics solutions
- The replacement of aging water infrastructure
Challenges
- Climate change and infrastructural concerns are the major challenges for digital solution market.
- Ineffective technologies provided by digital solution companies.
Market Trends & Developments
- The digital data can be used to develop smart water solutions for cities, buildings, and private residences.
- Government Initiatives
- Takeover of Water management and billing by third-party vendors.
Strategic Recommendations
- Key focus on smart and cost-effective technologies.
- Key focus towards Middle East Asia & Africa region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Digital Water Solutions Market.
- Autodesk Innovyze
- Schneider Electric
- Bentley systems
- Minsait, Atonix Digital
- Emerson Electric Company
- TaKaDu
- ABB Ltd
- Assetic
- Space-Time Insight
- Aqueduct
- Intelliflux Controls
- PowerPlan
- Copperleaf Technologies
- Analytical Technology, Inc
- SUEZ
Report Scope:
Digital Water Solutions Market, By Technology:
- Metering & Customer Management
- Network Management
- Work & Asset Management
- Planning System
- Remote Monitoring
- Information Management
Digital Water Solutions Market, By Solution Type:
- Hardware
- Software
- Services
Digital Water Solutions Market, By Utility Tier:
- Tier 1
- Tier 2
- Tier 3
Digital Water Solutions Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- India
- Japan
- South Korea
- Australia
- Singapore
- Malaysia
- Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- Belgium
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Peru
- Chile
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Israel
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/o4okfu
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