Bluefield Research has released a new report, Advanced Asset Management for Municipal Water: Global Trends and Strategies, 2018-2027, looking at and analysing advanced asset management strategies in the municipal water sector and addressing five key trends.
Asset management driven by data and analytics
Technological advances and innovation in computation and machine learning have given rise to smart water solutions that have completely disrupted orthodox asset planning processes. With machine learning algorithms, cloud computing and technology driven by data, there is a paradigm shift taking place in the municipal water sector.
Advanced asset management strategies driving savings
Some utilities who adopted advanced asset management strategies early have found that they can potentially realise up to 20 per cent of CAPEX savings over five years in terms of savings and deferred or avoided capital outlay. Moreover, by 2027, advanced asset management strategies are predicted to save utilities as much as US$41.9 billion in only capital expenditures.
Thriving markets for development of commercial solutions
With progressive utilities in countries such as Canada and Australia deploying advanced solutions to manage more than US$2.9 trillion of assets, the rest of the market would not be far behind, especially as some states in the United States (U.S.) have implemented new regulations centred around assets.
Many players are looking to capitalise on the market
With a diverse set of companies including building information modelling (BIM) firms like Bentley and equipment specialists such as Xylem to engineering consultancies in the market, the arena is a dynamic one, with numerous technology companies much like IBM looking to enter it and expand their presence alongside many other organisations.
Innovative business models
With large players in the market driving change with acquisitions of companies specialising in asset management, the adoption of new digital business models has quickened as the sector continues to accept software-as-a-service (SaaS) and other services such as cloud-based offerings. As such, innovative asset-centric business models are rapidly coming to the fore.
Source: Bluefield Research