Digital Asset Management Consultants Are Set For Big Gains In 2021

Digital Asset Management Consultants Are Set For Big Gains In 2021

Despite the 2020 standstill, the asset management digital services market has a rosy 2021 outlook. According to the Verdantix annual global survey of 259 managers within operations, maintenance, engineering, and process safety, 86% stated that they plan to increase spending on consultants for asset management digitization projects in 2021. Specifically, 51% of the respondents are planning to increase spending between 1% and 9%, while 35% stated that their spending increase will be in double digits.

Recent Verdantix market analysis revealed that the overall operational excellence digital services market was worth over $20 billion in 2020 and is set to grow at a CAGR of 6.3% to reach $30 billion in 2025. High costs of unplanned downtime and availability of new digital technologies are continuing to drive investments on asset management digitization projects in capital intensive and asset-heavy sectors across the globe. This digitization boost has, in tandem, led to an increase in spending on IT services firms such as Accenture, Capgemini and Wipro, design and engineering firms such as AECOM, Arcadis and Ramboll, but also on asset management specialists such as Advisian, Pinnacle and Pragma.

So how can digital asset management consultancies exploit the burgeoning market prospects? IT services firms and engineering consultancies must collaborate to combine the deep technology expertise of the former with the specialized technical knowledge of the latter in order to shorten time to value. Firms have taken notice, as late 2020 witnessed multiple announcements of such collaborations. Schlumberger, IBM and Red Hat partnered to expedite Schlumberger’s E&P cloud-based product, Wood forged a strategic partnership with Cognite to accelerate industrial transformation by creating AI solutions for asset-heavy industrial clients, while Shell partnered with Microsoft to develop digital energy innovation tools and advance net zero goals.

To learn more about improving asset management with digital technologies, register for the Verdantix event: “Next And Best Practices: From Asset Reliability To Digital Twins”.