Global Digital Water Solutions and Services Market Research Report: Forecast (2023-2028)

Market Definition

Digital Water Solutions & Services includes a wide range of products, technologies, and services integrated into a water management system. It involves the usage of hardware, software, data collection, data analytics, the Internet of Things (IoT), automation of knowledge work, and cloud-based technology solutions. This system provides real-time monitoring to act as a decision support system for water & wastewater providers.

Market Insights & Analysis: Global Digital Water Solutions and Services Market (2023-28)

The Global Digital Water Solutions and Services Market is projected to grow at a CAGR of around 12.65% during the forecast period, i.e., 2023-2028, owing to the role & ability of such solutions to save water efficiently & effectively. The application of digital water solutions helps in planning & designing smarter & more resilient water systems that optimize operation & maintenance with powerful artificial intelligence (AI), analytics, and simulation for fast & accurate answers.

Thus, these solutions serve as a support system to get data that can help in predictive maintenance and thereby help in reducing water wastage. This combined with the surging water scarcity due to groundwater depletion is supporting the market growth. In response, many companies, such as Veolia Technologies, Ecolab Inc., etc., are adding a portfolio of digital solutions to their existing water utilities. For instance:

• In 2022, Veolia Water Technologies, the water division of the French company Veolia Environment signed an agreement with Orange Business Services. This was done to support Hubgrade, Veolia's smart digital platform for developing innovative digital services.

Additionally, these solutions assist water providers in combating water pollution by detecting chemical leaks in rivers near plants, evaluating drinking water quality, and monitoring aquarium water quality. On the other hand, escalating climate change is supporting the market for smart technologies-enabled water systems. This further helped in real-time visualizations & modeling systems that aid in mitigating the impacts of climate events, such as flood risk of urban & coastal areas by assessments and forecasts.

Moreover, increasing urbanization in cities is deriving the need for proper management and optimal utilization of existing resources to cater to the widening demand. In response to such challenges, companies are coming up with new and smart technologies, which would raise the requirement for these water solutions by the government, utilities, engineering firms, etc.

Moreover, rising awareness about the benefits of cost saving associated with the usage of such products & technologies among consumers, owing to the initiatives taken by utility companies such as the installation of smart meters that can help in remote & prior monitoring of water usage. Hence, due to the emerging collaborations between water professionals and technology entrepreneurs to apply technological skills for better management of the resources, the Global Digital Water Solutions and Services Market size is presumed to enhance.

Market Dynamics

Key Driver: Surging Government Efforts to Save Water

The rising global population, along with the overuse of water resources to serve the growing demand is generating the need to save and efficiently utilize this scarce resource. Further, the lack of natural water sources & extremely dry weather in some regions, such as the Middle East and Africa, etc., has been leading government agencies & local authorities to develop programs on national & local levels that include strategies, policies, regulations, and practices to maximize efficiency in water management. Thus, various governments are constantly raising their efforts to save water globally.

Also, an increasing number of companies are offering solutions & systems that can help in reducing the wastage of water & its optimum utilization. Thus, the role of digital water solutions in saving water coupled with government efforts due to rising water scarcity would strengthen the demand for such solutions & services in the forecast period.

Possible Restraint: Lack of Skilled Workforce to Hinder the Market Growth

Digital water solutions involve the use of smart solutions such as artificial intelligence-enabled sensors, real-time monitoring tools, etc. The application of such solutions requires technically skilled staff that is qualified enough to handle & operate such technologies. The gap between the supply & demand of such technical proficiency in the existing workforce is restraining the market growth of these solutions.

Furthermore, the lack of sufficient technical staff is expected to impede the market in the coming years, as utility companies require an optimal number of technical workforce to serve the market proficiently.

Key Trend: Emergence of Digital Twin Concept to Support Water Infrastructure

Digital Water Solutions & Services Market is witnessing the emergence of the concept of digital twins in recent years. This is in response to rapid urbanization which is further necessitating the planning and development of water utility infrastructure. Digital twins allow utility workers to visualize an asset, check its status, and perform analyses and simulations. This further enables water utility providers to better understand the past and current performance of water systems as well as to predict future performance and assess the impact of potential changes in the virtual world beforehand. Thus, more and more players are adopting this technology in their services. For instance:

• In 2022, Bentley Systems, an infrastructure engineering software company launched expansions for its iTwin Platform, an open, scalable cloud service for creating, visualizing, and analyzing digital twins of infrastructure assets. This was done to enhance & extend the scope and interoperability of infrastructure data that engineering firms and owner-operators can use to create and leverage digital twins in design, construction, and operations workflows.

Thus, digital twin technology has been gaining popularity among water & wastewater utility providers in recent years owing to innovations to strengthen the water infrastructure and is expected to support the growth in demand for such solutions in the forecast period, 2023-2028.

Market Segmentation

Based on Solutions:

• Hardware
• Software
• Services

Among these, the software segment of the Digital Water Solutions market generated a significant amount of revenue for Global Digital Water Solutions & Services Market in the historical years. This is due to the wider application of the software in several areas such as smart water metering solutions, wastewater treatment, etc. In addition, their role in providing and operating whole systems with ease and flexibility has been escalating the demand for software in the digital water solution services market.

Additionally, the increasing integration of software solutions such as Artificial Intelligence (AI), blockchain technology, and other technologies with different devices such as sensors to detect leakage, and smoke and to measure humidity, temperature, humidity, carbon dioxide, etc. would support the growth of this segment in the forecast period.

Based on Technology:

• Metering & Customer Management
• Network Management
• Work & Asset Management
• Plant Management
• Information Management

Of these, the metering & customer management segment acquired a considerable share of the Global Digital Water Solutions & Services Market in the historical years. This was in response to increasing demand from water utility customers globally. This demand is generated from the benefits of this technology such as lower water bills, the identification of water-saving areas as well remote monitoring.

These meters are also able to collect data at regular intervals as it is linked with electronic devices which further helps in better decision-making. It involves the use of an Automated Meter Reading (AMR)device and Advanced Metering Infrastructure (AMI). AMR establishes a connection channel between a customer and its water supplier while AMI is a composite technology composed of several elements such as consumption meters, a two-way communications channel, and a data repository.

Further, the support provided by these meters in all phases of the meter data life cycle, from data acquisition to the final provisioning of water consumption information to end customers coupled with the benefits involved would expand the market for digital water solutions in coming years.

Regional Projection

Geographically, the Global Digital Water Solutions and Services Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Asia-Pacific region would witness positive growth in demand from the digital solutions and services market during the forecast years 2023-2028. The factors responsible for the progression are the rising population of the region along with rapid urbanization which is further increasing the requirement for clean water. This enhancing demand coupled with the growing adoption and implementation of technologies such as Artificial Intelligence (AI), Internet of Things (IoT) owing to rising awareness, is supporting the development of digital water solutions in the region.

Moreover, the high prevalence of waterborne diseases in countries such as Cambodia, Thailand, Vietnam owing to the vulnerability of Southeast Asian countries to extreme weather events due to climate change is raising the demand for digital water solutions. Smart sensors, instrumentation, and controls take sensing inputs from their physical surroundings and detect specific conditions and further initiate pre-determined, field-level functions via built in- computing capabilities, mitigating the effects of extreme climate events.

Recent Developments in the Global Digital Water Solutions & Services Market

• 2023: Siemens and Galliford Try, a UK construction group partnered to accelerate the integration of digital technologies across the lifestyle of water and wastewater projects. This was done to help water companies meet the regulatory, environmental, and operational pressures in modernizing their infrastructure while reducing time, cost, risk, and carbon.

Gain a Competitive Edge with Our Global Digital Water Solutions and Services Market Report

1. Global Digital Water Solutions and Services Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Digital Water Solutions and Services Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.