Verdantix Forecasts Industrial Asset Maintenance Software Spend To Reach $11.5 Billion In 2028
Verdantix Forecasts Industrial Asset Maintenance Software Spend To Reach $11.5 Billion In 2028
The latest Verdantix market size and forecast for industrial asset maintenance software forecasts an annual growth rate of 10% in the market over the next five years. Using vendor revenue information and our own global corporate survey data, Verdantix research presents both buyers and vendors with a clear outlook on the present condition and imminent evolution of the industrial asset maintenance software market.
Our research finds that spend on industrial asset maintenance software was $6.4 billion in 2022. This is expected to surge to $11.5 billion by 2028, marking a substantial market expansion. The market is subdivided into three primary segments: enterprise asset management (EAM) software, representing 60% of market spend; computerized maintenance management systems (CMMS), accounting for 10%; and predictive maintenance (PdM) software, comprising 30% of the market.
Notably, revenues for predictive maintenance software are forecast to experience the most robust growth, at a CAGR of 13%. This is primarily attributed to an increasing preference amongst firms to transition from reactive to predictive maintenance strategies, enabling proactive and efficient management of their assets.
Moreover, our research highlights that the manufacturing industry leads asset maintenance software spend in 2022, displaying the fastest growth, at a CAGR of 11%. The continuous quest for operational efficiency, coupled with the manufacturing industry's scale and high operational costs, underpin this level of growth.
The market’s projected expansion is driven by several key factors. These include initiatives to cut maintenance costs, to enhance sustainability at industrial sites, and to boost performance metrics. Furthermore, the advent of technologies facilitating efficient upkeep of assets and operations is playing a crucial role in propelling market growth.
To learn more about where the industrial asset maintenance software market is heading, and the opportunities for growth it presents, see the full Verdantix report: Market Size And Forecast: Industrial Asset Maintenance Software 2022-2028 (Global).
