Smart Water Management Market
Smart water management is water management which changes customary water conveyance with new innovations. Various assembling firms and synthetic based organizations are executing smart water management to lessen water wastage and to utilize their energy proficiently. Smart water management alludes to the use of data and correspondence innovation to address water management challenges. Smart water management utilizes a wide scope of equipment and programming instruments, for example, – sensors, water meters, and programming examination. The arrangement can be utilized to distantly screen and control the water stream, supply, and its utilization across different hubs.
Governments from different countries all throughout the planet are approaching to execute smart water management arrangements at their metropolitan, local and public level for reasonable water management arrangements. The reception of a smart water management framework assists with acquiring straightforwardness and further developed control to the water inventory network and subsequently flooding its interest in the different water-denied areas. In any case, the shortfall of countless carefully talented labor force is the greatest limitation of the market. Interest for quality water management is expanding as need for water increments and it's anything but an extraordinary failure. This is likewise the motivation behind why governments across the world are attempting to advance smart water management.
Global Smart Water Management Market: Overview
Set to grow at a magnificent rate (CAGR - Compound Annual Growth Rate) the global smart water management market is ready to reach a significant market valuation by the end of the forecast period - from 2019 to 2027. Some of the significant reasons behind the steady growth projected for the market over the stated period are growing demand for quality water services, and up-gradation of water related infrastructure. Besides, growing digitalization of the utilities sector is also supporting growth in the market. Additionally, it is worth noting here that the government regulations emerging in the market landscape are also favouring growth.
Global Smart Water Management Market: Notable Development
The global smart water management market is expected to grow at an impressive CAGR owing to a couple of reasons. Some of these are related to the active vendor landscape of the market. Certain developments that have happened in the recent past and are ready to shape the future of this marketscape are outlined below:
In the year 2019, Itron and Xcel Energy forged an alliance to improve market penetration (for former), and efficiency, reliability, and security (for the latter). In the same year, Maximo Asset Monitor was launched by IBM. It is a monitoring solution that is powered by artificial intelligence technology or AI. By helping high value assets (physical) gain improvement in performance, it allows for better maintenance and operations. Additionally, in 2019 itself, Kemira and ABB entered into a partnership to combine ones expertise in treatment of water with other’s automation solutions.
The global smart water management market is fragmented and with entry of new players, the competitive landscape is predicted to be more fragmented. Key names in the global smart water management market are:
- ABB (Switzerland)
- Arad Group (Israel)
- AquamatiX (UK)
- Badger Meter (US)
- Honeywell Elster (US)
- Huawei (China)
- HydroPoint (US)
- IBM (US)
- i2O (UK)
- Itron (US)
- Oracle (US)
- Landis+Gyr (Switzerland)
- Sensus (US)
- Schneider Electric (France)
- Siemens (Germany)
- Suez (France)
- SenzIoT (India)
- TaKaDu (Israel)
- Trimble Water (US)
- XENIUS (India)
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Global Smart Water Management Market: Key trends and driver
It is pertinent to note here that a plethora of trends and drivers are supporting growth in the global smart water management market. Some of these are outlined below:
- Demand for quality water management is increasing as need for water increases and its availability hits a new low. This is also the reason why governments across the world are trying to promote smart water management.
- In order to ensure water management is proper, need to improve existing infrastructure is high and this is leading to demand for smart water management, helping the market take a high growth trajectory.
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Global Smart Water Management Market: Regional Analysis
The Asia Pacific region (APAC) holds a major chunk of the market share and the trend is set to roll into the forecast period, for which the market is assessed in the upcoming report of Transparency Market Research. Some of the factors underscoring this growth are a massive population marking the region, industrialization, and urbanization. Besides, owing to the massive consumer base, move towards any technology would have a notable impact on the global smart water management market. Information intensive technologies are already making in-roads into the region owing to adoption by countries such as Japan, India, and China. This helps them plug demand gaps in utilities sector. Thus, it is pertinent to mention here that the region will offer players operating in the global smart water management market with great opportunities.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.