Allied Market Research published a report, titled "Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global industrial maintenance services industry generated $49.0 billion in 2021, and is anticipated to generate $85.8 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031.

Industry 5.0 is the term for the next step in the evolution of industrial processes. Industry 4.0 is poised to eke out the maximum efficiency and productivity possible for industries. The next stage is to introduce a human element to the production, which was not at all a factor in any of the previous industrial epochs.