Verdantix Benchmark Reveals The Four Leaders In The $3.5 Billion Industrial Asset Management Technology Implementation Services Market

Verdantix Benchmark Reveals The Four Leaders In The $3.5 Billion Industrial Asset Management Technology Implementation Services Market

London, UK. The industrial asset management (IAM) technology implementation market is evolving rapidly, as organizations prioritize digitization efforts to enhance productivity and achieve sustainability goals. According to the new Verdantix benchmark report of the 10 most prominent IAM technology implementation service providers in the market, demand for the sector’s services is set to reach $3.5 billion by 2028.

Digitization initiatives remain a top priority for industrial organizations seeking to optimize production efficiency, reduce energy consumption, and maximize asset uptime. However, the adoption of IAM technology presents significant challenges, especially for large industrial firms, and requires specialized technical knowledge, strong change management skills, and a deep understanding of industry-specific nuances. To navigate this complex terrain, organizations are turning to expert service providers to oversee IAM technology implementations and streamline deployments.

Among the 10 providers featured in the Green Quadrant, four firms – Arcadis, Cohesive, Stork and Wood – demonstrate leading asset management tech implementation capabilities.

The report, Green Quadrant: Industrial Asset Management Technology Implementation Services 2024, provides valuable insights for operations executives at industrial organizations seeking to select the best-fit provider for IAM tech implementation services for their business. Key findings:

• Buyers’ priorities are shifting from heavily customized platforms, as they opt for low- or no-code asset management solutions, thanks to the proliferation of large cloud platforms. However, customization is still a significant market for service providers, especially at larger organizations. Accenture, Capgemini and Wood have extensive capabilities for customization and bespoke solution development, with large R&D teams to manage projects.
  
  
• Industrial organizations are increasing spend on implementation services for asset management, particularly for enterprise asset management (EAM) and asset performance management (APM) implementations, which require significant resources. Firms moving away from outdated spreadsheet-based methods are also boosting spend in this area. Third-party consultants offer expertise with digital tools and change management, providing invaluable support in resource allocation, niche areas of interest, and supplier relationships.
  
  
• Industrial organizations are intrinsically complex and heavily regulated. Implementing digital solutions for asset management requires strong incentives and calculated ROI models. Service firms are responding by offering comprehensive ROI calculations incorporating strategic changes alongside software benefits to influence budget-holders. For example, Pinnacle provides an in-depth ROI calculation focusing on pain points, cost reduction and availability, to guide operational transformation at client facilities.
  
  
• Post-implementation support is crucial to maintaining the value of implementations. Service firms deliver additional value through the implementation of innovative supporting technology. Global rollout projects often require bespoke approaches, with leading service firms offering dedicated support desks and continuous improvement services bundled with support agreements. Sapphire, for instance, prioritizes product support through a dedicated support desk for troubleshooting and monthly product enhancement sessions.

"As industrial organizations increasingly prioritize both decarbonization and operational efficiency, investment in implementation services is on the rise. Despite economic uncertainties, budgets remain robust, reflecting industrial firms' recognition of the vital role digital solutions play in maintaining competitiveness,” commented Hugo Fuller, Industry Analyst at Verdantix. “The complexity of IAM technology installations highlights the critical need for specialized expertise, making strategic partnerships essential for both providers and organizations. For IAM technology providers looking to expand their market share, the identification of potential implementation partners is imperative to enhance their offering.”