Spend On Industrial Asset Management Software Market Will Reach $17 Billion In 2030

Spend On Industrial Asset Management Software Market Will Reach $17 Billion In 2030

According to Verdantix research, the industrial asset management (IAM) software market will reach $17 billion in 2030, growing at a CAGR of 15% from a $7.5 billion total spend in 2024. This steady growth showcases the increasing demand for digital solutions that drive improved asset performance and streamlined maintenance processes among industrial asset managers, IT directors and operations managers.

Enterprise asset management (EAM) and asset performance management (APM) software account for the majority (85%) of IAM revenues, with spend driven by a strong interest in initiatives to improve production and yield, as well as reduce maintenance costs. EAM and APM software are field-tested solutions that can provide tangible results to make progress on these goals. Recent investments in AI capabilities by software vendors have also greatly increased the return on investment of these solutions.

But these positive signals don’t tell the whole story. The report also outlines how the resilience of traditional manual maintenance practices, macroeconomic uncertainties and data management hurdles pose risks that could impact spend on IAM solutions. We found that many heavy asset industries will have to increase capital expenditures to sustain their growth, against a backdrop of an uncertain geopolitical environment that threatens long-established supply chains. The effects of these market forces will have differing effects for each geography, but are likely to prove beneficial for asset heavy industries.

The report finds that in 2030, the oil and gas and manufacturing industries will continue to see the largest proportion of the spend on IAM software, with a combined market share of 56%. Meanwhile, despite already having the highest penetration rate on average, the mining and metals industry will see the highest growth rate, strongly outperforming the overall market at a CAGR of 17%.

Geographically, North America is set to lead the charge, accounting for 32% of the global spend by 2030, while APAC and Europe continue to be critical markets driven by their diverse industrial bases and robust investments in digital transformation. For a more detailed breakdown by region, and further insights about the IAM software market, read the full report here: Market Size And Forecast: Industrial Asset Management Software 2024-2030 (Global).