The global overall equipment effectiveness software market size is estimated to be USD 67.5 billion in 2023 and is projected to reach USD 122.4 billion by 2028, at a CAGR of 12.6%. Factors driving the growth of the market include the utilization of ERP software for conducting various functions across industries, initiatives for driving the adoption of industrial automation solutions, requirement for improved efficiency and optimum usage of resources, connected supply chain and bulk production, and adoption of AI and IoT across manufacturing industries. The software registered a larger market share in 2022 due to its role in capturing and analyzing real-time data from equipment, identifying bottlenecks, and enabling data-driven decision-making for process optimization.
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