Market Size And Forecast: Industrial Asset Management Digital Services 2023-2029 (Global)

Published 8 August 2024 by Lucas Sala & Malavika Tohani &

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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.

Table of contents

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

Table of figures

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

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 Center for Global Development, in the Sustainable Finance Team, as a research assistant. Lucas holds a BA in History, Politics and Economics from University College London (UCL), and an advanced diploma in Economics from Cambridge University.

Malavika Tohani

Research Director, Industrial Transformation
Malavika leads the Verdantix Industrial Transformation practice. The team’s current research focusses on digital technologies and services that enable industrial operations become safer, efficient and sustainable such as asset maintenance and performance, industrial AI and data management, connected workforce and field service management, process safety and industrial engineering, design and construction. Malavika has over 20 years’ experience in research and strategy consulting. Malavika previously worked at Frost & Sullivan, managing and delivering advisory projects for clients involving expansion, acquisition, benchmarking and product development strategies. Malavika holds a MSc in Economics from Madras School of Economics.

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