Analytical Technology, Inc. (US).
Many leading players like Schneider Electric (France), ABB (Switzerland), Bentley Systems (US), and others are actively participating in digital water solution development projects. For example, in April 2019, Bentley Systems (US) made an agreement with Digital Water Works (US) to invest in superior infrastructure digital twin solutions for investor-owned and municipal water and wastewater utilities worldwide. Such market developments are anticipated to propel the growth of the global market for digital water solutions during the forecast period.
Summary
The global digital water solutions market size is set to reach USD 1.26 billion at a CAGR of 12.01% from 2020 to 2026 (forecast period). Digital water solutions refer to an ecosystem containing a wide variety of products and technologies used by water and wastewater companies, including hardware, software, services, information technology (IT), data collection, analytical tools, and state-of-the-art technologies like artificial intelligence and machine learning. Digital water solutions are often referred to as smart water or the Internet of Water. With the aid of digital water technology, emerging economies can develop and manage off-grid and localized water systems and create dynamic models that can help integrate smart pumps, valves, sensors, and other intelligent devices and send real-time data of water systems. The global digital water solutions industry is expected to see high growth during the forecast period due to the increasing need to upgrade aging water infrastructure, which is expected to boost demand for the digital water solutions market during the forecast period.