Industrial Asset Management Services Market To Surpass $15 Billion In 2028

Industrial Asset Management Services Market To Surpass $15 Billion In 2028

The 2023 Verdantix Market Size And Forecast: Industrial Asset Management Services 2022-2028 (Global) report finds that the IAM market will grow from $8.9 billion in 2022 at a 9.5% CAGR in the following five years to exceed $15 billion in 2028. We find that this increase in spending is due to:

• Continuing digitization of plant operations. The digital landscape is continuously evolving; even more so recently with the use of AI and GenAI. These technologies are skilled at analysing unstructured data, enabling them to identify inefficiencies and safety risks from operational data collected by IIoT sensors and cameras, as well as text and scanned documents. Firms will need to be pragmatic about choosing scalable DataOps solutions that fit their vision, strategy and current digital maturity. Here, external consultants will be instrumental to guide digitization strategies and, as such, 58% of the respondents from the 2023 operational excellence global survey plan to increase budget on consultants to develop their firm’s vision and strategy for asset management digitization.
• Focus on implementing digital technologies for asset maintenance management. Spend on EAM and APM software is forecasted to reach $11.5 billion in 2028, driven by the need to improve asset uptime, reliability and efficiency. In order to achieve successful implementation of these technologies, firms are increasingly turning to service providers such as The Cohesive Companies, MaxGrip and Sapphire Systems. 54% and 53% of decision-makers respectively plan double- or single-digit increases on using consultants for EAM and APM software implementation in the next 12 months.
• Demand for specialist knowledge to drive business, technical and sustainable transformation. In the next five years, industrial firms will need to focus on both making their operations more sustainable and adopting new digital solutions to remain competitive in their respective industries. External consultants bring technical and digital expertise combined with industry-specific knowledge, while also offering change management services to help firms achieve their transformation faster. Hence, spending on consulting and strategy is set to grow at a CAGR of 10.8% – a slightly higher rate than other service lines in the IAM market.

To learn more about the growth drivers for the industrial asset management market, read Verdantix Market Size And Forecast: Industrial Asset Management Services 2022-2028 (Global) and register for our upcoming webinar.