Overall Equipment Effectiveness Software Market Demand, Growth Analysis, Top Companies Share

The global overall equipment effectiveness software market size is expected to grow from USD 67.5 billion in 2023 to USD 122.4 billion by 2028, at a CAGR of 12.6%.

The increase in the use of ERP software for performing various functions within industries, the need for a connected supply chain and mass production to cater to the rising global population, and the rising adoption of IoT and AI across manufacturing industries globally are the major driving factors for the growth of the overall equipment effectiveness software market.

The overall equipment effectiveness software companies is dominated by a few globally established players such as Siemens (Germany), Schneider Electric (France), ABB (Switzerland), Emerson Electric, Co. (US), and Rockwell Automation (US).

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Driver: Rising usage of ERP software for performing a variety of functions across industries

Organizations have adopted cloud ERP models to identify which model best aligns with their strategy, workloads, and security requirements, thus adopting the best cloud ERP solution. Some of the benefits of cloud ERP systems for organizations are such as avoiding the need to pay for all computer platforms, including hardware platforms and data server platforms, cutting IT services and support since the data center offers IT support, and replacing paying ahead for application software licensing.

Opportunity: Rising integration of MES with PLM and ERP solutions

Manufacturing execution systems perform various functions, such as managing products and resources, scheduling, dispatching, collecting data, analyzing performance, and auditing data. For the smooth functioning of these processes and effective results, manufacturing execution systems are integrated with various solutions, such as ERP, supply chain management (SCM), warehouse management system (WMS), decision support system (DSS), business intelligence, e-commerce. For example, the integration of manufacturing execution systems with WMS enables the maintenance of orders that come into the warehouse. To feed the data in the system accurately and promptly, an order management system within the MES solution is used.

Challenge: Growing concerns regarding integration issues of certain OEE software with legacy systems

System complexities and implementation costs are still the major challenges organizations face while integrating these solutions with their existing systems. Due to the lack of resources, only some organizations still rely on existing systems that use old technologies, where manual processes lead to a high error rate and long turnaround time. Moreover, because legacy systems underuse are mostly on-premises, integrating these systems with new cloud-based systems might challenge adopting digital process automation solutions and services.