How Has the Digital Water Solution Market Evolved Historically and What is its Current Size?
The digital water solution market has seen considerable growth due to a variety of factors.
• In recent years, there has been a significant growth in the size of the digital water solution market. It's projected to expand from $1.09 billion in 2024 to $1.25 billion in 2025, growing at a compound annual growth rate (CAGR) of 14.2%.
This historical growth can be credited to a surge in digital data quantities, growing anxieties about data security, a worldwide upsurge in the demand for data storage, the emergence of biotechnology firms, and government investment in DNA research.
What Does Future Hold for The Digital Water Solution Market By 2029?
The digital water solution market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations suggest the market size for digital water solutions will witness robust expansion in the forthcoming years. The market is projected to escalate to $2.12 billion by 2029, registering a compound annual growth rate (CAGR) of 14.2%.
Factors fueling this growth during the forecast period include an upsurge in data creation across different sectors, integration with cloud-based storage, heightened usage in the healthcare sector, advancements in archival storage solutions, and wider acceptance in various industries. Key trends forecasted for this period are the use of DNA data cards for individual storage, the application of biological cryptography to reinforce security, product enhancements, the launch of novel technologies, and their employment in edge computing environments.
What Are The Primary Growth Drivers In The Digital Water Solution Market?
The escalating need to manage dwindling water supplies is predicted to boost the expansion of the digital water solutions market in the future. A scarcity of water resources occurs when the supply of water falls short of the demand. Digital solutions can automate water infrastructure that enhances the distribution of water and decreases waste with the help of advanced irrigation systems and leak detection technologies. For example, as stated by the United Nations Children's Fund, a US-based agency of the UN, it is forecasted that about 700 million people could face displacement because of severe water shortage by 2030, and an estimated one in four children globally will be residing in areas with extremely high water stress by 2040. Additionally, in May 2023, the United Nations Educational, Scientific and Cultural Organization (UNESCO), a France-based specialized agency promoting global peace and security, declared that around 2 billion people across the globe lack safe drinking water, and it is anticipated that the urban population facing water scarcity will rise to 2.4 billion by 2050. Hence, the escalating need for managing dwindling water supplies is propelling the expansion of the digital water solutions market.
What Is The Segmentation Of The Global Digital Water Solution Market?
The digital water solution market covered in this report is segmented –
1) By Solutions: Hardware, Software, Services
2) By Technology: Metering And Customer Management, Network Management, Work And Asset Management, Plant Management, Information Management
3) By Utility Tier: Tier I, Tier II, Tier III
Subsegments:
1) By Hardware: Smart Water Meters, IoT Sensors, Water Quality Monitoring Devices
2) By Software: Water Management Software, Data Analytics Platforms, Asset Management Solutions
3) By Services: Consulting Services, Installation And Maintenance Services, Training And Support Services
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What Trends Are Shaping The Digital Water Solution Market?
Prominent entities in the digital water solution industry are channeling efforts towards incorporating new technologies in water treatment solutions to better cater to market demands. For instance, in April 2023, AquiSense, a company from the US that provides water treatment and disinfection solutions, introduced PearlAqua Deca 30C, a system that disinfects water. The PearlAqua Deca 30C is versatile and finds use in both large and small-scale point-of-use applications. It is suitable for commercial and industrial water purification, processing of food and beverages, domestic use, and soda machines, among others. With its UV-C LED technology, PearlAqua Deca 30C can accomplish a 99.99% pathogen eradication rate at four gpm (15 lpm). The system comes equipped with automatic activation and deactivation, programmable alarm outputs, and dynamic power regulation.
Who Are the Key Players In The Digital Water Solution Market?
Major companies operating in the digital water solution market report are:
• General Electric Company
• The International Business Machines Corporation
• Schneider Electric SE
• SAP SE
• ABB Ltd.
• Jacobs Solutions Inc.
• Minsait ACS
• Grundfos
• Itron Inc.
• Mueller Water Products Inc.
• Bentley Systems
• Royal Haskoning DHV
• Kamstrup
• PowerPlan Inc.
• Copperleaf Technologies Inc.
• Space-Time Insight Inc.
• Aqueduct
• Innovyze
• Analytical Technology
• Idrica
• Assetic
• TaKaDu
• Intelliflux Controls
• Atonix Digital LLC
• Plutoshift
What Are The Regional Insights Into The Digital Water Solution Market?
North America was the largest region in the digital water solutions market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital water solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
