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Market Analysis
The global digital water solutions market will touch USD 2.81 billion at a 15.00% CAGR by 2023, as per the recent Market Research Future report.
Drivers
Water Scarcity to Boost Market Growth
The rising concerns regarding water scarcity as well as the requirement for ensuring the quality of accessible water sources indeed are pushing the use of digital solutions for effective water management. Besides, the aging infrastructure is also propelling market growth. Most water facilities and utilities have aging infrastructure which needs modernization. Digital solutions aid in asset management, cost optimization, and predictive maintenance.
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The TOP Manufacturers Listed in the Digital Water Solutions Market Report are: –
Eminent industry players profiled in the digital water solutions market report include,
Opportunities
Various Technological Advancements to offer Robust Opportunities
Various technological advancements such as advances in AI, IoT and data analytics allow more sophisticated as well as more accurate water monitoring & control systems. Such advances will offer robust opportunities for the digital water solutions market in the forecast period.
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Restraints and Challenges
Limited Digitally Skilled Workforce to act as Market Restraint
The limited digitally skilled workforce, high initial cost, security concerns and data privacy, interoperability issues, and environmental concerns may act as market restraints over the forecast period.
Market Segmentation
The global digital water solutions market is bifurcated based on utility tier, solution type, and technology.
By utility tier, tier 1 will lead the market in the forecast period.
By solution type, software will domineer the market in the forecast period.
By technology, metering and customer management will spearhead the market in the forecast period.
COVID-19 Analysis
The COVID-19 epidemic possessed a mixed impact on the digital water solutions market. On one hand, this epidemic threw light on the significance of digital technologies for the remote monitoring & water system management fuelling growing interest & investment within the sector. While on the contrary, supply chain disruptions and budget constraints impacted pace of implementation.
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https://www.marketresearchfuture.com/reports/digital-water-solutions-market-10017
Regional Analysis
North America to Lead Digital Water Solutions Market
North America will lead the digital water solutions market in the forecast period. Solutions which are most common indeed prefer in being those that involve advanced metering infrastructure, customer engagement, data analytics, and leak detection. Optimizing the use of water, enhancing customer service and cutting non-revenue water are often the key priorities and contribute towards the industry expansion in the region. The US grabbed the utmost market share followed by Canada.
APAC to Have Admirable Growth in Digital Water Solutions Market
The APAC region will have admirable growth in the digital water solutions market over the forecast period. Owing to its water scarcity issues, rising population, and fast urbanization, this region has severe concerns related to water management. Thus, there is a surging need for products for water loss reduction, water metering, water treatment and network management. China followed by India had the utmost market share.
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