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

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.