Market Size And Forecast: Industrial Asset Maintenance Software 2022-2028 (Global)

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Executive Summary

This report helps executives at asset maintenance software suppliers, current and prospective investors, as well as digital service providers and consultants active in the asset maintenance ecosystem, understand the forecast growth of the industrial asset maintenance (IAM) software market. Based on a bottom-up analysis of revenues, interviews with software suppliers and survey data from 301 interviews with decision-makers at industrial firms, Verdantix finds that the asset maintenance software market will grow from $6.4 billion in 2022 to $11.5 billion in 2028, at a CAGR of 10%, driven by the need to reduce maintenance costs and increase asset uptime. Expenditure on enterprise asset management (EAM) software constituted 60% of asset maintenance market spend in 2022, while predictive maintenance (PdM) software accounted for 30% of the market, showcasing the highest CAGR at 13%, and CMMS contributed to 10% of market spend.

Table of contents

Industrial Asset Maintenance Software Market Size And Forecast Methodology
An Overview Of The IAM Software Market
Market Size Data Are Calculated From Aggregate Supplier Revenues And Customer Penetration Rates
The IAM Software Market Was Worth $6.4 Billion In 2022
Cost-Reduction Strategies Play A Key Role In Shaping The Growth Outlook Of The IAM Software Market
The IAM Software Market Will Grow At A CAGR Of 10% To Reach $11.5 Billion In 2028

Table of figures

Figure 1. Overview Of The IAM Market
Figure 2. Verdantix Market Size And Forecast Methodology
Figure 3. Level Of Digital Maturity For IAM
Figure 4. 2022 IAM Spend By Solution Type
Figure 5. Factors Driving Digital Transformation Of Plant Operations
Figure 6. Market Dynamics And Outlook For IAM Software Products
Figure 7. IAM Software Forecast By Software Type 2022-2028
Figure 8. IAM Software Forecast By Industry 2022-2028
Figure 9. IAM Software Forecast By Region 2022-2028

About the authors

Fouad Elias

Fouad is an Analyst in the Verdantix Operational Excellence practice. His current research agenda focusses on APM solutions and technologies for sustainable industrial operations. Prior to joining Verdantix, Fouad worked at Procter&Gamble in the Product Supply Division, where he gained experience in the technical specification creation process. Fouad holds an MSc in Biomedical Engineering from Imperial College London & a BEng in Mechanical Engineering from City University of London. 

Malavika Tohani

Research Director

Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins and software solutions for industrial risk and asset management. Malavika has over 15 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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