Northbrook, IL 60062 -- (SBWIRE) -- 10/10/2023 -- The global Smart Water Management Market size is expected to grow from USD 16.6 billion in 2023 to USD 28.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period, according to research report by MarketsandMarkets™.

Smart water management is the use of information and communication technologies (ICT) to improve the efficiency and effectiveness of water management. It involves collecting and analyzing data from water sensors and other devices to monitor water quality, quantity, and pressure. This data can then be used to make informed decisions about water management, such as allocating water resources, optimizing water distribution networks, and predicting and preventing leaks. The driving factors for smart water management are diverse and compelling. Concerns about water scarcity, aging infrastructure, and stringent environmental regulations motivate governments, utilities, and industries to adopt innovative solutions that optimize water resources and reduce waste.

Browse in-depth TOC on "Smart Water Management Market"

307 - Tables
48- Figures
276 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1265

The professional services segment is expected to lead the Smart water management market during the forecast period.

The professional services segment in the SWM market comprises planning, designing, and deploying systems and solutions to water utilities. The growth of the professional services segment is mainly governed by the complexity of operations and the increasing deployment of smart solutions in the water industry.

Support and maintenance segment is expected to hold the largest market share during the forecast period

Support and maintenance refer to post-sales services offered to customers for monitoring the usage of assets and solutions to ensure maximum benefits. The need to ensure regular monitoring of systems and proactive addressing of issues in performance will drive the market.

Asia Pacific likely to emerge as the fastest-growing segment during the forecast period.

The growth of the Smart water management market in the Asia Pacific is highly driven by rapid digitalization. Governments in the Asia Pacific are increasingly supporting adopting smart water management solutions through initiatives and regulations. Also, rapid urbanization and population growth are increasing pressure on water resources and infrastructure.

Get Free Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1265

Market Players

The major vendors covered in the Smart water management market include Siemens (Germany), IBM (US), ABB (Switzerland), Honeywell Elster (US), Schneider Electric (France), Itron (US), SUEZ ( France), Oracle (US), Landis+Gyr (Switzerland), Trimble Water (US), Xylem (US), Kamstrup (Denmark), HydroPoint (US), i2O (UK), Xenius (India), Neptune Technology (US), TaKaDu (Israel), Badger Meter (US), AquamatiX (UK), Lishtot (Israel), CityTaps ( France), FREDsense (Canada), Fracta (US), Smart Energy Water (US), Ayyeka ((US), Ketos (US)

Key Dynamic Factors For Smart Water Management Market:

Utilising cutting-edge technologies, smart water management optimises the usage, distribution, and monitoring of water resources. The market for smart water management is expanding and developing as a result of a number of dynamic factors, including:

Lack of Water and Increasing Demand:

Water scarcity is a problem in many areas due to the rapid urbanisation, industry, and population expansion. To efficiently satisfy this expanding demand, smart water management technologies help optimise water use and delivery.

Extreme weather and climate change:

Droughts, floods, and other extreme weather occurrences are being brought on by unpredictable weather patterns brought on by climate change. Predictive analytics and real-time data are used by smart water management systems to successfully address these issues.

Governments and regulatory organisations are putting strict restrictions into place to ensure sustainable water management. Smart water technology help businesses adhere to these rules by optimising water use and lowering waste.

Rapid technological breakthroughs, such as those in the Internet of Things (IoT), artificial intelligence (AI), remote sensing, and data analytics, allow for the creation of more complex and effective smart water management systems.

Integration of the Internet of Things (IoT): IoT-capable sensors and devices are installed throughout the water infrastructure to gather real-time information on water quality, usage, leak detection, and other topics. IoT integration improves water management's monitoring, decision-making, and overall effectiveness.

Advanced analytics and predictive modelling are two methods for analysing data that offer insights into leak detection, infrastructure performance, and patterns of water use. Decisions made with data improve operational effectiveness while cutting expenses.

Solutions for smart metres and billing: Smart metre and billing system implementation gives accurate real-time data on water consumption, allowing customers to control their usage and get accurate bills. Utilities can increase customer satisfaction and maximise revenue collection.

Focus on Sustainable Water Management: In order to reduce waste and preserve water resources, there is an increasing emphasis on sustainable water management practises. By maximising water use and reducing environmental effect, smart water technologies are essential for reaching sustainability goals.

Competitive and Segmentation Analysis:

A growing focus on sustainable water solutions, strategic alliances, and technological innovation are driving fierce competition in the market for smart water management. Companies operating in this industry are consistently spending money on R&D to improve the range of products they offer and obtain a competitive edge. By utilising their expertise in IoT, data analytics, and water treatment technologies, major firms including Xylem Inc., Suez SA, Schneider Electric, IBM Corporation, and Siemens AG are leading the market. These firms also prioritise strategic alliances and acquisitions to increase their product ranges and market share internationally.

The market for smart water management can be divided into segments based on regions, end users, components, solutions, and services. Hardware (sensors, metres, and networks), software (data analytics, SCADA, and asset management), and services (consulting, managed services, and support) make up the components. Advanced pressure control, leak detection, smart metres, infrastructure management, and wastewater treatment are examples of solutions. Professional and managed services are included in the services section. The residential, commercial, industrial, and municipal sectors are all examples of end users. North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa are the regions into which the market is geographically split.

Due to rising consumer awareness of water conservation and the use of smart home technology, the residential sector is expanding significantly. Due to the requirement for effective water use and adherence to environmental standards, the industrial sector has been a significant adopter of smart water management technologies. North America and Europe are important markets globally because of their early adoption of cutting-edge technologies and strict regulatory environments. It is projected that the Asia-Pacific area would experience significant growth because to the region's quick urbanisation, industrialization, and government measures supporting smart water management. Globally, technical improvements and an increasing emphasis on sustainable water management techniques are expected to drive significant growth in the market for smart water management.

Browse Other Reports:

Digital Signature Market

Metaverse Market

Business Process Automation Market

Green Technology and Sustainability Market

Smart Cities Market

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/smart-water-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/smart-water-management.asp