Market Size And Forecast: Industrial Asset Management Digital Services 2023-2029 (Global)
08 Aug, 2024
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Executive Summary
This report is tailored towards industrial asset managers, IT directors and operations managers seeking to enhance asset performance and maintenance through digital transformation. It will also benefit consulting firms and industrial asset management (IAM) digital service providers by offering insights into market opportunities and client needs. The report reviews the current state and growth prospects of the global IAM digital services market, highlighting trends and drivers through to 2029. Our analysis, based on data from over 17,500 public organizations, industry-specific indexes, financial forecasts from LSEG, and Verdantix global corporate surveys, reveals that the IAM digital services market was worth $1.8 billion in 2023. It is projected to grow at a CAGR of 5.5%, reaching $2.5 billion by 2029. Increasing digitization, and a need for improved asset performance, are key drivers. Asia, North America and Europe will dominate the market, with Asia leading with 31% of spend in 2023. The oil and gas sector will remain the largest, while the transport, manufacturing, and mining, metals and minerals sectors will experience the fastest growth.
Summary for decision-makers
The industrial asset management (IAM) digital services market will grow at a steady pace
Overview of methodology
The IAM digital services market was worth $1.8 billion in 2023
Access to new technologies, and to an unbiased view, is driving demand for IAM digital services
High use of internal resources for asset management tapers growth
The IAM digital services market will grow at a CAGR of 5.5% to reach $2.5 billion in 2029
The industrial asset management (IAM) digital services market will grow at a steady pace
Overview of methodology
The IAM digital services market was worth $1.8 billion in 2023
Access to new technologies, and to an unbiased view, is driving demand for IAM digital services
High use of internal resources for asset management tapers growth
The IAM digital services market will grow at a CAGR of 5.5% to reach $2.5 billion in 2029
Figure 1. IAM technology implementation service lines
Figure 2. Industry breakdown
Figure 3. Market size and forecast methodology
Figure 4. IAM digital services market by region: 2023 ($ million)
Figure 5. IAM digital services market by industry: 2023 ($ million)
Figure 6. Drivers for the use of consultants: 2024
Figure 7. Capital expenditure by industry (global): 2023-2024
Figure 8. Capital expenditure by industry (North America): 2023-2024
Figure 9. IAM digital services by region: 2023-2029
Figure 10. IAM digital services by industry: 2023-2029
Figure 2. Industry breakdown
Figure 3. Market size and forecast methodology
Figure 4. IAM digital services market by region: 2023 ($ million)
Figure 5. IAM digital services market by industry: 2023 ($ million)
Figure 6. Drivers for the use of consultants: 2024
Figure 7. Capital expenditure by industry (global): 2023-2024
Figure 8. Capital expenditure by industry (North America): 2023-2024
Figure 9. IAM digital services by region: 2023-2029
Figure 10. IAM digital services by industry: 2023-2029
About the Authors

Lucas Sala
Analyst
Lucas Sala is an Analyst in the Industrial Transformation practice. His area of focus is analytical decision-making tools. Prior to joining Verdantix, Lucas worked at the Cent…
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Malavika Tohani
Research Director, Industrial Transformation
Malavika leads the Verdantix Industrial Transformation practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins…
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