Overall Equipment Effectiveness Software Global Market 2024 To Reach $107.28 Billion By 2028 At Rate Of 13.0%

The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033

LONDON, GREATER LONDON, UNITED KINGDOM, September 9, 2024 /EINPresswire.com/ -- The overall equipment effectiveness software market has experienced robust growth in recent years, expanding from $58.28 billion in 2023 to $65.70 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increase in the use of ERP software, the rising adoption of IoT and AI across manufacturing industries, increasing adoption of automation, the growing focus on productivity and efficiency improvement, and need to increase equipment performance.

What Is The Estimated Market Size Of The Global Overall Equipment Effectiveness Software Market And Its Annual Growth Rate?
The overall equipment effectiveness software market is projected to continue its strong growth, reaching $107.28 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to growth of the usage of industrial automation, increase equipment performance, improve output, cut costs, and boost efficiency, growing use of ERP software for performing several functions across various sectors, growing demand for advanced OEE software solutions.

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Growth Driver Of The Overall Equipment Effectiveness Software Market
The increase in industrial automation is expected to propel the growth of the overall equipment effectiveness software market going forward. Industrial automation refers to using control systems, such as computers or robots, and information technologies to handle different processes and machinery in an industry and replace human intervention. The adoption of industrial automation is due to the need to increase efficiency, reduce production costs, improve product quality, and enhance safety in manufacturing and industrial processes. Overall Equipment Effectiveness (OEE) software is integral to industrial automation, providing a framework for measuring, analyzing, and improving manufacturing equipment performance.

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Who Are the Leading Competitors in the Overall Equipment Effectiveness Software Market Share?
Key players in the overall equipment effectiveness software market include Microsoft Corporation, Siemens Aktiengesellschaft, Lockheed Martin Corporation, General Electric Company, International Business Machines Corporation.

Which Key Trends Are Driving Overall Equipment Effectiveness Software Market Growth?
Major companies operating in the overall equipment effectiveness software market focus on technological advancements, such as IoT-based overall equipment effectiveness (OEE) applications, to enhance operational efficiency in industrial settings. IoT-based Overall Equipment Effectiveness (OEE) applications leverage the Internet of Things (IoT) technology to enhance the monitoring, analysis, and optimization of manufacturing equipment performance. These applications integrate IoT sensors and devices with OEE software to provide real-time data and advanced analytics, enabling manufacturers to improve efficiency, reduce downtime, and enhance overall productivity.

How Is The Global Overall Equipment Effectiveness Software Market Segmented?
1) By Type: Supervisory Control And Data Acquisition (SCADA), Manufacturing Execution System (MES), Cloud Enterprise Resource Planning (ERP), Predictive Maintenance, Data Historian
2) By Overall Equipment Effectiveness Software Methods: Availability Calculation, Performance Calculation, Quality Calculation, Real-Time Monitoring, Root Cause Analysis, Predictive Analytics
3) By Offering: Software, Services
4) By Deployment Mode: On-Premises, Cloud
5) By Industry: Aerospace And Defense, Automotive, Chemical, Food And Beverage, Healthcare, Metal And Mining, Oil And Gas, Power, Electronics And Semiconductor, Other Industries

Geographical Insights: Asia-Pacific Leading The Overall Equipment Effectiveness Software Market
Asia-Pacific was the largest region in the overall equipment effectiveness software market in 2023. The regions covered in the overall equipment effectiveness software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Overall Equipment Effectiveness Software Market Definition
overall equipment effectiveness (OEE) software is a digital tool used to measure and improve the efficiency and productivity of manufacturing equipment. This software helps manufacturers track and analyze various aspects of equipment performance to identify areas for improvement and optimize production processes.

Overall Equipment Effectiveness Software Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global overall equipment effectiveness software market report covering trends, opportunities, strategies, and more
The Overall Equipment Effectiveness Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on overall equipment effectiveness software market size, overall equipment effectiveness software market drivers and trends, overall equipment effectiveness software market major players, overall equipment effectiveness software competitors' revenues, overall equipment effectiveness software market positioning, and overall equipment effectiveness software market growth across geographies. The overall equipment effectiveness software market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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