The global market for smart water management is highly fragmented in nature and is predicted to witness a stiff competition among the key players in the next few years, stated a new market research report by Transparency Market Research. The weak entry barriers has resulted in an entry of a large number of players, thus enhancing the market penetration throughout the forecast period.

According to the market research report by Transparency Market Research, in 2012, the global market for smart water management was worth US$4,813.3 mn and is expected to reach a value of US$15,232.6 mn by the end of 2019. The market is projected to register a promising 17.70% CAGR between 2013 and 2019.

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The global smart water management market has been classified on the basis of geography into the Middle East and Africa, Latin America, North America, Asia Pacific, and Europe. Among these, North America is expected to lead the global market and account for a large share in the next few years. The strong growth of this region can be attributed to the rising evolution of smart cities along with the strict government regulations. In addition to this, the increasing adoption of smart water management technology for the streamlining of operations is another key factor that is projected to accelerate the growth of the market in the near future. On the other hand, Asia Pacific is likely to exhibit a promising growth rate in the coming few years, owing to the high amount of water loss in the agriculture sector.

The rising use of automated meter reading technology is expected to encourage the growth of the smart water management market in the next few years. The increasing adoption of automated meter reading in order to manage the water resources for the production of energy is considered as one of the major factors that is estimated to enhance the growth of the market in the coming few years.

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The enhancement of the utility facility are some of the key factors that are projected to encourage the growth of the global smart water management market in the next few years. In addition to this, the sustainable use of energy resources and the regulatory compliances are predicted to accelerate the growth of the overall market in the near future. On the flip side, the lack of the expertise and the requirement of high initial investments and the low rate of return are some of the factors that are likely to restrict the growth of the market in the coming few years. Nonetheless, the improvement of the utility facility to enhance the potential and the growing awareness among people regarding the protection of natural resources are estimated to offer potential growth opportunities for the market players.