Data Analytics and Artificial Intelligence to Propel Smart Water and Wastewater Leak Detection Solutions Market
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Increasing adoption of new technologies is transforming the industry s business model from product-based solutions to leak management as a service (LMaaS), finds Frost & Sullivan
SANTA CLARA, Calif., Jan. 28, 2021 /PRNewswire/ Frost & Sullivan s recent analysis,
Data Analytics and AI Boost Accuracy to Drive Global Smart Water and Wastewater Leak Detection Solutions Market, finds that the wastewater leak detection market has witnessed a significant rate of innovation and digital transformation. Internet of Things (IoT) sensors, machine learning (ML), artificial intelligence (AI), and cloud- or edge-based data analytics platforms are boosting the market. By 2026, the market is estimated to garner a revenue of $1.99 billion from $1.23 billion in 2020, up at a compound annual growth rate (CAGR) of 8.4%.
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Technological advancements that require minimal maintenance or human interference become key value proposition differentiators in the water sector
SANTA CLARA, Calif., Jan. 26, 2021 /PRNewswire/ Frost & Sullivan s recent analysis,
Digitalization Powering the Global Water Market, 2020, finds that smart sensors with advanced
artificial intelligence (AI)- and
machine learning (ML)-based data analytics platforms are on the rise in the global water sector as they require minimal maintenance or human interference. The COVID-19
pandemic has further highlighted the sector s technological need following supply chain disruptions and a labor shortage during lockdowns, which adversely impacted the growth of the water market globally. Due to the pandemic, the global water market declined to $805.31 billion in 2020 from $947.89 billion in 2019. The market was projected to reach $1,014.54 billion in 2020, registering an impressive growth of 7%.