Fort Collins, Colorado, May 04, 2024 (GLOBE NEWSWIRE) --
Smart water management has become crucial to mitigate the risks of the water crisis.
The rise in demand for smart water management is a critical response to increasing urbanization, population growth, and climate change challenges. By leveraging advancements in information and communications technology (ICT), such as the Internet of Things (IoT) and Artificial Intelligence (AI), real-time monitoring and data-driven decision-making are becoming integral to efficient water management.
The integration of IoT sensors and AI algorithms allows for continuous monitoring of water systems, detection of leaks, optimization of distribution, and prediction of maintenance needs. This real-time data and response capability not only improves operational efficiency but also helps conserve water resources and reduce losses due to leaks or inefficiencies.
Moreover, the growing popularity of these communication models signifies a recognition of their effectiveness in addressing water conservation challenges. As climate change exacerbates water scarcity issues in many regions, the urgency to adopt such technologies becomes even more apparent.
The UN reports highlight the severity of the global water crisis, with projections indicating that a significant portion of the world's population will face water scarcity by 2025. In this context, developing smart cities prioritizing effective water distribution and management is crucial for ensuring the well-being and sustainability of urban populations.
By harnessing the power of IoT and AI-driven solutions, cities can not only optimize their water resources but also contribute to broader environmental goals and resilience against the impacts of climate change. However, it's essential to ensure that these technologies are implemented equitably and inclusively to benefit all members of society, including those in marginalized communities who may be disproportionately affected by water scarcity.
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Segmentation Overview:
The smart water management market has been segmented into meter type, end-user, technology, and region.
Industrial is the leading end-user segment that is projected to lead the market in the coming years.
- The smart water management market segmentation is based on end-users and comprises industrial, commercial, and residential users. Industrial is the leading segment and is projected to continue its dominance. The need for an industrial smart water management system is strongly felt owing to effective management and desired outcomes.
IoT smart water management is pivotal for market developments.
- The smart water management market has been segmented based on technology into IoT, AI, Big Data and analytics, and cloud computing. IoT smart water management is expected to be pivotal in developing smart techniques to manage, distribute, and resolve water issues effectively. The emergence of Industry 4.0 and Blockchain technologies has resulted in a huge adoption of technology.
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Smart Water Management Market Report Highlights:
- The smart water management market growth is anticipated at a CAGR of 11.8% by 2032.
- Smart water management techniques have optimized water usage and conservation from households to agriculture.
- Asia Pacific has been a massive market for smart water management and is projected to continue dominating in the forthcoming years. The presence of industrial hubs comprising manufacturing and assembly units with high water consumption is projected for market growth.
- Some prominent players in the smart water management market report include ABB Ltd, GE DIGITAL, Arad Group, IBM Corporation, Evoqua Water Technologies LLC, Honeywell International Inc., Itron, Inc., Siemens, Schneider Electric, and Sensus.
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