Water needs energy, energy needs water but human development needs both. Their intricate connectivity and dependencies revolve around many elemental issues. Present paper is focused towards deliberating updated overview on prospects of information and communication technology (ICT) applications in water sector, seeing industrial, environmental, agricultural, municipal, domestic, recreational water utility segments. Portrayal of water communities, their existing challenges/risks, budding facets & applicability of ICTs (gadgets, information systems, big-data, models, smart water & energy systems) are deliberated with recently reviewed research results. Useful blend of information is offered on possible ICT amalgamations in water sector for transmuting ill water-systems into smart-water-systems, by achieving higher water productivities. Updated ICT oriented review is provided by uniting key challenges/risks of water applicability segments like transmission losses, leakage detections, energy reduction/recoveries in handling water, integrated water resource management for diverse stakeholders, climate-change, environment, irrigation, rainwater, water-quality, and sanitary aspects. Global initiatives (programs, consortiums, projects, collaborations) on ICTs in water sector are reviewed offering salient potential and forecasts of futuristic ICT based applications in such water segments. Pertinent food for thought is provided to pave road for smarter water management.