diff --git a/README.md b/README.md
index e94d84f56..82fab9fe4 100644
--- a/README.md
+++ b/README.md
@@ -69,6 +69,12 @@ Only custom resource named `keda` in the namespace where the operator was
 installed (typically, `keda`) will trigger the installation, reconfiguration,
 or removal of the KEDA Controller resources.
 
+The operator will behave in this manner whether it is installed with the
+`AllNamespaces` or `OwnNamespace` install mode. While the operator more
+closely matches the `OwnNamespace` semantics, `AllNamespaces` is a
+supported installation mode to allow it to be installed to namespaces with
+existing `OperatorGroups` which require that installation mode.
+
 There should be only one KEDA Controller in the cluster.
 
 ### `KedaController` Spec
@@ -412,7 +418,7 @@ spec:
 ## Uninstallation
 
 ### How to uninstall KEDA Controller
-Locate installed `KEDA` Operator in `keda` namespace and then remove created `KedaController` resoure or simply delete the `KedaController` resource:
+Locate installed `KEDA` Operator in `keda` namespace and then remove created `KedaController` resource or simply delete the `KedaController` resource:
 
 ```bash
 kubectl delete -n keda -f config/samples/keda_v1alpha1_kedacontroller.yaml
diff --git a/bundle/manifests/keda.clusterserviceversion.yaml b/bundle/manifests/keda.clusterserviceversion.yaml
index 7b7b760db..23207d244 100644
--- a/bundle/manifests/keda.clusterserviceversion.yaml
+++ b/bundle/manifests/keda.clusterserviceversion.yaml
@@ -454,7 +454,11 @@ spec:
     `KedaController` resource, please refer to [KedaController Example](https://github.com/kedacore/keda-olm-operator#kedacontroller-spec)
     for more deatils on available options.\n\nOnly resource named `keda` in the namespace
     where the KEDA OLM Operator is installed (typically `keda`) will trigger the installation,
-    reconfiguration or removal of the KEDA Controller resource.\n\nThere could be
+    reconfiguration or removal of the KEDA Controller resource.\n\nThe operator will behave
+    in this manner whether it is installed with the AllNamespaces or OwnNamespace install
+    mode. While the operator more closely matches the OwnNamespace semantics, AllNamespaces
+    is a supported installation mode to allow it to be installed to namespaces with
+    existing OperatorGroups which require that installation mode.\n\nThere should be
     only one KEDA Controller in the cluster. \n"
   displayName: KEDA
   icon:
@@ -630,7 +634,7 @@ spec:
     type: SingleNamespace
   - supported: false
     type: MultiNamespace
-  - supported: false
+  - supported: true
     type: AllNamespaces
   keywords:
   - keda
diff --git a/config/manifests/bases/keda.clusterserviceversion.yaml b/config/manifests/bases/keda.clusterserviceversion.yaml
index 8ca94f492..bc2e6a504 100644
--- a/config/manifests/bases/keda.clusterserviceversion.yaml
+++ b/config/manifests/bases/keda.clusterserviceversion.yaml
@@ -454,7 +454,11 @@ spec:
     `KedaController` resource, please refer to [KedaController Example](https://github.com/kedacore/keda-olm-operator#kedacontroller-spec)
     for more deatils on available options.\n\nOnly resource named `keda` in the namespace
     where the KEDA OLM Operator is installed (typically `keda`) will trigger the installation,
-    reconfiguration or removal of the KEDA Controller resource.\n\nThere could be
+    reconfiguration or removal of the KEDA Controller resource.\n\nThe operator will behave
+    in this manner whether it is installed with the AllNamespaces or OwnNamespace install
+    mode. While the operator more closely matches the OwnNamespace semantics, AllNamespaces
+    is a supported installation mode to allow it to be installed to namespaces with
+    existing OperatorGroups which require that installation mode.\n\nThere should be
     only one KEDA Controller in the cluster. \n"
   displayName: KEDA
   icon:
@@ -626,7 +630,7 @@ spec:
               serviceAccountName: keda-olm-operator
     strategy: deployment
   installModes:
-  - supported: false
+  - supported: true
     type: OwnNamespace
   - supported: false
     type: SingleNamespace
diff --git a/main.go b/main.go
index 2785b3f6d..757d55dad 100644
--- a/main.go
+++ b/main.go
@@ -21,6 +21,7 @@ import (
 	"fmt"
 	"os"
 	"runtime"
+	"strings"
 
 	// Import all Kubernetes client auth plugins (e.g. Azure, GCP, OIDC, etc.)
 	// to ensure that exec-entrypoint and run can make use of them.
@@ -46,6 +47,10 @@ var (
 	setupLog = ctrl.Log.WithName("setup")
 )
 
+const (
+	serviceAccountNamespaceFile = "/var/run/secrets/kubernetes.io/serviceaccount/namespace"
+)
+
 func init() {
 	utilruntime.Must(clientgoscheme.AddToScheme(scheme))
 
@@ -134,12 +139,20 @@ func main() {
 }
 
 // getWatchNamespace returns the namespace the operator should be watching for changes
-// it tries to read this information from env variable `WATCH_NAMESPACE`
-// if not set, namespace `keda` is used
+// It tries to read this information from env variable `WATCH_NAMESPACE`. If not set
+// or empty, it attempts to determine which namespace it is running in via the
+// automounted service account data. If unavailable, namespace `keda` is used
 func getWatchNamespace() string {
-	ns, found := os.LookupEnv("WATCH_NAMESPACE")
-	if !found {
-		return "keda"
+	var ns string
+	var found bool
+	if ns, found = os.LookupEnv("WATCH_NAMESPACE"); found && len(ns) > 0 {
+		setupLog.Info(fmt.Sprintf("Using watch namespace '%s' from environment variable WATCH_NAMESPACE", ns))
+	} else if nsBytes, err := os.ReadFile(serviceAccountNamespaceFile); err == nil {
+		ns = strings.TrimSpace(string(nsBytes))
+		setupLog.Info(fmt.Sprintf("Using watch namespace '%s' from service account namespace specified in %s", ns, serviceAccountNamespaceFile))
+	} else {
+		ns = "keda"
+		setupLog.Info(fmt.Sprintf("Using default watch namespace '%s'", ns))
 	}
 	return ns
 }