Successful industrial goods-delivering companies are always looking for ways to develop and grow their business. A strong present trend is to expand the traditionally tangible offering by integrating intangible offerings i.e. services. In academia the term industrial product-service systems (IPS2) are being used to describe this paradigm shift. However, a systematic review of the IPS2 literature is lacking. In this paper publications regarding IPS2 are systematically reviewed. The result of our review has been categorized under five themes that we found characterizes IPS2: delivery, processes, value creation networks, knowledge management, and business models. Based on our findings a discussion is made and future research directions are identified.