Industrial Services Market Size

Industrial Services Market size was over USD 38.73 billion in 2023 and is poised to exceed USD 110.52 billion by 2036, witnessing over 8.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial services is evaluated at USD 41.33 billion.

The growth of the market can be attributed to the increasing demand for operational excellence across the industrial sectors, coupled with the rising adoption of various technologies, such as industrial internet of things (IIoT). Industries are increasingly prioritizing their business operations to satisfy the demand of their customers and to generate high yields. Moreover, to gain a sustainable competitive edge over its competitors, there is a growing need amongst the industries to improve their process efficiency. Enhancing work quality, generating faster throughput and less waste, are some of the focus areas where development is required across industries, therefore raising the need for industrial services. On the other hand, increasing spending by geographies on internet of things (IoT) is also anticipated to contribute to the market growth. In the year 2019, United States and China were among the two major nations which held the largest share of around 26% and 24% respectively amongst other major geographies for spending on internet of things. On the other hand, the numerous challenges observed by businesses worldwide especially in logistics and other operational processes owing to the COVID-19 pandemic and the need to lower the operational costs is also anticipated to drive the market growth.