This paper studies the factors that affect the emergence of water data ecosystems using a case study as a research method. The study is based on interviews conducted with partners in a comprehensive business ecosystem focused on the development of smart water network management. Eleven representatives from six private companies, the waterworks of a city, and three organizations that provide water supply management services for municipalities were interviewed. The paper presents analysis of the interview results focusing on the interviewees’ thoughts on the state of water data systems in Finland and on the factors that affect the emergence of water data ecosystems in Finland.The interview results indicate a clear need for water data ecosystems but also obstacles preventing their emergence. Inadequate understanding on the part of customer, a lack of water data, regulations, and underdeveloped agreements were seen to hinder the development of water data solutions. In addition to ecosystem development, the emergence of water data ecosystems requires investment and the development of water data solutions, solution concepts, and demonstrations to show the value of the ecosystem. The results show that ecosystems need a clear rationale and vision, effective management of water data sharing, and mechanisms to ensure the scalability of water data ecosystems.