The Smart Water Management market is projected to expand from USD 16.6 billion in 2023 to USD 28.2 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The increasing challenge of water scarcity and the growing demand for efficient water resource management are key factors driving market growth.
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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.
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Unique Features in the Smart Water Management Market
The integration of Internet of Things (IoT) technology allows real-time monitoring of water distribution systems. Smart sensors and meters provide accurate data on water usage, leakage detection, and system performance, enhancing operational efficiency.
Advanced Artificial Intelligence (AI) and data analytics help utilities predict and prevent pipeline failures, optimize water distribution, and improve demand forecasting. This minimizes water loss and ensures sustainable resource management.
Smart water meters enable automated, accurate billing based on real-time consumption data. This eliminates human errors, reduces operational costs, and enhances customer transparency regarding their water usage.
Smart water management systems incorporate acoustic sensors, AI algorithms, and remote monitoring to detect leaks early. This reduces non-revenue water (NRW) losses and ensures efficient water conservation.
Cloud technology enables utilities to store, analyze, and access water data remotely. These platforms provide real-time insights, facilitate predictive analytics, and improve decision-making for water conservation strategies.
Major Highlights of the Smart Water Management Market
The integration of Internet of Things (IoT) and Artificial Intelligence (AI) is transforming water management by enabling real-time monitoring, predictive analytics, and automation, leading to improved efficiency and reduced water loss.
Utilities worldwide are implementing smart water meters to enable accurate billing, reduce operational costs, and detect leaks in real-time. This technology enhances customer awareness of water consumption patterns.
Stringent water conservation policies and environmental regulations are pushing governments and municipalities to adopt smart water management solutions to optimize water distribution and reduce wastage.
Cloud computing is playing a crucial role in water management by providing remote access to real-time data, improving decision-making, and enabling better collaboration between stakeholders.
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Top Companies in the Smart Water Management Market
The major vendors covered in the innovative water management 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). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the smart water management market.
Schneider Electric is a global leader in software solutions for the water industry. The company was founded in 1836 and is headquartered in Rueil-Malmaison, France. The company specializes in power management, process management, security management, industrial software design, simulation and optimization, industrial automation, control and safety systems, and instrumentation. It is in North America, Europe, Africa, and Asia. Schneider Electric helps water utilities with advanced solutions that collect and analyze real-time data for operations, maintenance, billing, and customer service. In the SWM market, it offers EcoStruxure as a service. The EcoStruxure service, it provides waste treatment plants, water treatment plants, water networks, and wastewater networks. Moreover, the company offers a partnership program to improve its global presence, domain expertise, and product and solution knowledge.
Siemens offers electrification, automation, digitalization, innovation, technology, engineering, and manufacturing solutions. In the SWM market, Siemens offers water treatment, wastewater treatment, water supply networks, and water transport solutions with new technologies and a comprehensive service portfolio. To provide these solutions, Siemens offers the PIA Life Cycle Portal for selection, planning, commissioning, and maintenance tools for process instrumentation and data analytics. Siemens also offers the Distributed Control System SIMATIC PCS 7, with components, such as the SIMATIC PCS 7 Operator System, Plant Device Management system for condition monitoring and diagnostics, simulation platform SIMIT for enabling tests of automation applications and providing a realistic training environment for operators, SIWA leak detection and SIWA LeakControl for leak detection, and XHQ Operations Intelligence platform for displaying operating sequences in the water industry in real-time.
IBM is a prominent player in the Smart Water Management Market, leveraging its expertise in data analytics, IoT, and cloud computing to offer innovative solutions for water utilities and municipalities. IBM’s smart water management systems focus on real-time monitoring and predictive analytics to optimize water distribution, detect leaks, and ensure efficient usage. Through its IBM Intelligent Water software, the company provides comprehensive tools for data integration, visualization, and analysis, helping clients to manage water resources more effectively, reduce operational costs, and enhance sustainability efforts.
ABB is a key player in the Smart Water Management Market, providing advanced digital solutions and automation technologies to improve water and wastewater management. ABB’s offerings include intelligent water network management systems, sensors, and analytics platforms that enable real-time monitoring and control of water infrastructure. By leveraging IoT and AI, ABB helps utilities enhance operational efficiency, reduce water losses, ensure regulatory compliance, and optimize resource allocation, thereby contributing to more sustainable and resilient water management practices.
Honeywell Elster is a prominent company in the Smart Water Management Market, specializing in advanced metering infrastructure and innovative water management solutions. Honeywell Elster provides smart water meters, data analytics software, and automated meter reading systems that enable utilities to monitor water usage accurately, detect leaks, and optimize water distribution networks. Their technology supports efficient water resource management, improves customer service, and enhances operational efficiency, contributing to sustainable water management and conservation efforts.
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