Digital water market has significant growth scope and is expected to reach USD 1.6 Billion by 2025. The reports forecast the digital water market by technology, component, end user, and region. It highlights COVID-19 impact on the digital water industry.
Digital Water Market: by Technology (Metering Customer Management, Network Management, Work Asset Management, Plant Management, Information Management), by Component (Hardware, Software, Services), by End User, and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
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The digital water market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the digital water industry.
Digital Water Market Overview
During the forecast period (2020-2025), the digital water market size is expected to register a CAGR of 11.8% and is estimated to reach USD 1.60 billion by 2025. The software segment's growth is gaining momentum across the globe, backed by the growing adoption of analytical solutions. Further, digital solutions are increasing due to the rising need to replace aging water infrastructure and increase digitization. These factors would accelerate the growth of the global digital water market over the forecast period.
Factors Affecting the Digital Water Market over the Forecast Period
- The increasing digitization and the growing need for quality water services are the key factors driving the global digital water market growth.
- Increasing focus on reducing carbon emissions and creating smart water solutions is another factor that will boost the digital water market growth.
- Major companies and enterprises invest worldwide in superior digital twin infrastructure technologies for urban water and wastewater utilities, generating numerous growth opportunities for market growth.
- For the global digital water market, the scarcity of digitally trained employees is the main restraint.
- Hardware failures and software errors/bugs in the digital water are expected to impede the global market's growth.
- The lack of awareness and challenging architecture are posing significant challenges to the global digital water market.
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Impact of COVID-19 on Digital Water Market
A rapid spread of COVID-19 has a severe effect on the digital water market, as this pandemic boosts digitalization in the global market and introduces new and innovative technologies. To limit its people's movement and monitor the pandemic's spread, the government also supports digital solutions.
Digital Water Market: Scope of the Report
The report outlines the global digital water market study based on technology, component, and end-users.
Based on the technology, the digital water market has been segmented into –
- Metering Customer Management
- Network Management
- Work Asset Management
- Plant Management
- Information Management
Based on the component, the digital water market has been segmented into –
Digital Water Market: Geographical Outlook
Five geographical regions have been segmented into the global digital water market, North America, Asia Pacific, South America, Europe, and the Middle East and Africa. North America holds the largest share in the global digital water market, followed by Europe and the Asia Pacific. The increasing need to replace aging infrastructure in North America is driving the growth of the regional market. Furthermore, over the forecast period, Asia Pacific is expected to project the highest CAGR in the global market.
Key Digital Water Market Competitors
The global digital water market is highly fragmented, with the presence of a large number of players across the globe. The key players operating in the global digital water include –
- Bentley Systems Incorporated
- Schneider Electric
- Minsait (Indra)
- Atonix Digital
- ABB Limited
- Space-Time Insight
- Copperleaf Technologies Incorporated
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