It is a huge challenge for industrial equipment companies to grow services revenue share and service margins simultaneously. TSIA recommends service executives of equipment manufacturers to provide complete offers of products, software, and services and to leverage telemetry."The State of Services for Industrial Equipment Manufacturers" identifies the most relevant business challenges faced by our members. TSIA then translates these challenges into the core capabilities that services organizations of industrial equipment manufacturers will need to embrace to succeed in 2023 and beyond.Key focus areas for 2023 include:Identify the key trends that are impacting industrial equipment companies. Summarize the top business challenges being created by these industry trends. Identify the digital business shift and the new goals for digital transformation and the digital customer experience. Identify critical capabilities for digital winners. This report is designed to be used by members to maximize their leverage of TSIA research and resources by providing an overview of the capabilities services organizations are investing in during 2023.