DUBLIN, Ireland (March 8, 2017)—Analysis firm Research and Markets has announced the addition of the report “Water’s Digital Future: The Outlook for Monitoring, Control and Data Management Systems” to its offering.
In promoting the report, the firm said the global market for control and monitoring solutions in the water sector is worth $21.3 billion in 2016 and will grow to $30.1 billion in 2021, with a compound annual growth rate (CAGR) of 7.2 percent.
The water and wastewater industry is encountering a digital revolution that has the potential to transform the industry from innovations such as the internet of things and machine learning, according to the firm.
Big data is changing the face of the water industry, and the management of data-driven monitoring and control systems will increasingly infiltrate every part of the water business. Driven by continued water quality regulations and the need to improve process efficiencies and optimize system performance, there has been an increased uptake of monitoring and control systems that are able to detect changes in real-time.
In the future, data-feeds and cognitive computing could govern water management and inform every decision in the municipal and industrial sectors, according to the firm. It is critical for every company working in the water space to understand how this reality will impact future operations and opportunities in the water industry.