Latest News- Industrial Services Market: Oil and gas is expected to lead the End-user segment during 2025-2029

The Industrial Services Market is being driven by Lack of technical expertise

The Industrial Services Market is expected to grow at a CAGR of 7.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 22682.3 million. In today's industrial landscape, the adoption of Internet of Things (IoT) technology has gained significant traction, particularly in the realm of predictive maintenance. The primary driver for this trend is the requirement to collect and analyze vast amounts of data generated by machines and systems to address intricate maintenance-related challenges. IoT devices, including wireless acoustic transmitters and steam trap monitors, facilitate comprehensive plant operation monitoring. By leveraging the data derived from these machines, industrial operators can benchmark the efficiency and performance of various machines, thereby optimizing maintenance scheduling and minimizing unplanned downtime caused by machine failures. Consequently, industries such as automotive and food and beverage have prioritized predictive maintenance strategies to enhance operational efficiency and productivity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Oil and gas
  • Chemicals
  • Aerospace
  • Automotive
  • Others
• Type
  • Engineering and consulting
  • Installation and commissioning
  • Operational improvement and maintenance
• Application
  • Distributed control system
  • Programmable controller logic
  • Supervisory control and data acquisition
  • Electric motors and drives
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Lack of technical expertise
• Increasing industrial plant complexities
• Caters to a wide range of industrial service applications

However, the market also witnesses some limitations, which are as follows:

• Lack of end-to-end quality and process control
• Stringent regulatory standards in industrial services
• Issues in managing multiple contracts

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Market Scope in Industrial Services Market Research Report

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Research Analysis Overview

The Industrial Services Market is experiencing a digital transformation, with a focus on industrial automation and smart factories. Key performance indicators such as asset utilization, operational excellence, and return on investment are driving the adoption of digital technologies. Service level agreements, maintenance strategies, and risk mitigation are essential components of this transition. Facility management, remote monitoring, and data visualization enhance operational efficiency. Quality control metrics, production optimization, and supply chain visibility promote sustainability initiatives and compliance management. Resource optimization, contract management, inventory control, logistics optimization, process automation, and data-driven decision making are also priority areas. Preventive maintenance, predictive analytics, technical support services, training and development, and field operations support complete the comprehensive suite of industrial services offerings.

Market Research Overview

The global diversified support services market encompasses businesses offering labor-intensive services to corporations and governments. This sector comprises companies providing commercial cleaning, dining and catering, equipment repair, industrial maintenance, industrial auctioneering, storage and warehousing, transaction services, uniform rental, and other business support solutions. According to Technavio, market expansion will be fueled by the rising outsourcing trend, with firms increasingly delegating support functions to specialized service providers. Additionally, advancements in predictive maintenance systems, remote asset monitoring via Industrial IoT platforms, and process optimization techniques are key growth drivers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/