Smart Water Management Market Size (2024 - 2029)

Smart Water Management Market Analysis

The Smart Water Management Market size is expected to grow from USD 16.08 billion in 2023 to USD 30.80 billion by 2028, registering a CAGR of 13.89% during the forecast period. In recent years, owing to increasing population and urbanization, the global demand for water and the need to address the cost implications of maintaining an aging infrastructure has been the major growth factors for the smart water management market.

• Smart water management (SWM) uses information and communication technology (ICT) and real-time data and responses, which is an integral part of the solution for water management challenges. The potential application of smart systems in water management is vast and includes solutions for water quality, water quantity, efficient irrigation, leaks, pressure and flow, floods, droughts, and more.
• Smart data-driven methods for detecting water losses in public networks are becoming popular. Such solutions are based on applying the Internet of Things (IoT) and artificial intelligence (AI) techniques. In the State of Palestine, the UNDP/PAPP's Accelerator Lab partnered with a promising start-up company, FlowLess, to test a locally developed and cost-efficient smart system for detecting water losses using IoT and AI, supported by a customized web platform.
• Water infrastructure costs need to be assessed across the full water cycle and for all its major uses. As 2030 approaches, the costs of operating a new infrastructure built may exceed the annual capital cost requirements to meet those remaining unserved. When coupled with increased billing accuracy, the short-term issues in investing in smart water metering highlight a higher initial capital outlay. Traditional water management users are reluctant to switch to newer and advanced methods. The high initial cost of infrastructure and training prevails in most developing nations, hindering the market's growth.
• Post-COVID-19 pandemic, European countries focused on investing in water loss solutions. The European Union has invested in research and innovation to support a smooth transition. 79% of citizens agree that tackling climate change may lead to innovation that may make European companies more competitive, and 70% agree that water-based activity may positively affect citizens.

Smart Water Management Industry Segmentation

Smart water management is a technology that collects, shares, and analyzes data from water equipment and networks. Water managers use it to find leaks, lower energy usage, conserve water, predict equipment failure, and ensure regulatory compliance.

The smart water management market is segmented by type (solution (asset management, distribution network monitoring, SCADA, meter data management, analytics), services (managed services/professional services)), end-user vertical (residential, commercial, and industrial), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.