Spending on industrial asset management software (IAM) will reach $11 billion in the next four years, according to a new study.

The survey, carried out by research firm Verdantix, covers five key industrial sectors: manufacturing; oil and gas; utilities; infrastructure and transport; and mining.

The research, which interviewed 250 people working in the industry, suggests that there has been a significant hike in global corporate spending on the technology.

71 per cent of those surveyed said that reducing maintenance-related costs as a “very important” factor for driving investment.

The report says that an increase in spending on IAM software will “track digital transformation strategies adopted after COVID-19, helping cut costs and meet refreshed environmental social and governance criteria”.

It also claims that, running at a compound annual growth rate of 10 per cent from the $7 billion spent last year, it will “reflect how key decision makers retain and expand new business resilience techniques from the pandemic”, especially to control expenditure on maintenance.

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