The 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. 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.
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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.
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)
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