5 Reasons Why Water Utilities in Global Smart Water Management Market are Apprehensive

The global smart water management market, similar to other markets such as tourism, manufacturing, insurance, and energy, is projected to benefit greatly from the networking benefits of the Internet of Things (IoT). However, the other markets have already witnessed significant deployment of the Internet of Things, while the global smart water management market is still lagging behind.

The global smart water management market is at a nascent stage and though characterized by high level of interest in smart technologies, it suffers from low deployment rates. Let’s look at why water utilities around the world are still apprehensive about adopting smart solutions in the field of water management.

#1 – Lack of Capital Requirements
Water utilities aiming to deploy smart water management solutions will need to invest significantly in order to replace the aging infrastructure. However, cost is one of the key concerns for water utilities in the global smart water management market. ROI gains in the global smart water management market take a period of more than a decade, making it less attractive for the majority of water utilities in the short term.

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#2 – Lack of Long-term Evidence of Reliability
The security and reliability of smart water management solutions is not established yet, as there is little history available about the implementation of these solutions. Hence, water utilities are still relying on conservative methods for water management. In addition to this, water utilities are generally not early adopters of new processes or technology. At present, there are a very limited number of case studies that show successful deployment of smart water management solutions.

#3 – Limited Availability of Smart Water Solutions
The limited availability of smart water management solutions is another key concern for water utilities. Like the concerns with the reliability of these systems, only sustained usage will solve this issue, as rising demand will lead to rising production as well as a fall in prices.

#4 – Lack of Innovation due to Funding Shortage
The overall lack of incentives to drive innovation in utilities is also challenging the adoption of smart water grid technology. Investment in a new technology would outweigh the costs for those paying in the long run. Nevertheless, the lack of sufficient capital investment is suppressing technological advancement in the global smart water management market.

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#5 – Cyber Security Issues
Data security is one of the top concerns related not only to smart water meters, but also smart electric meters. As water meters are located in an open area, a cyberattack affecting service providers and users in the network can greatly impact services in the smart grid. These cyber security-related issues are further suppressing the adoption of smart water management technologies in worldwide.

These were the top 5 factors that are restraining the deployment of smart water management technologies around the world. Nevertheless, with growing awareness, advancement in technology, and government backing, the global smart water management market will gradually grow in the foreseeable future. In addition to this, the growing need for mapping water resources and to reduce water loss due to leaks will further drive the global smart water management market.