Artificial Intelligence
Global Overall Equipment Effectiveness Software Market Report 2023: Sector is Expected to Reach $122.4 Billion by 2028 at a CAGR of 12.6%
Dublin, July 06, 2023 (GLOBE NEWSWIRE) — The “Overall Equipment Effectiveness Software Market by Offering (Software, Services), Deployment Mode (On-Premises, Cloud), Type (SCADA, Cloud ERP, Predictive Maintenance, Data Historian), Industry (Automotive, Healthcare, Power) – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
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 key factors driving the overall equipment effectiveness software market growth are the rising initiatives to increase the adoption of industrial automation solutions and the growing need for enhancing efficiency and ensuring optimal use of resources.
Services segment to hold the highest growth rate from 2023-2028.
Services in OEE software encompass a range of additional features and support provided by software providers to enhance the user experience and maximize the benefits of the software for manufacturers.
Software providers offer services such as training, maintenance, installation, software upgradation, and various other services. The demand for services is rising rapidly owing to the need for specialized expertise, customization, training, ongoing support, and optimization services.
The cloud segment holds the largest share of overall equipment effectiveness software during the forecast period.
Cloud technology in overall equipment effectiveness software refers to utilizing cloud computing infrastructure and services to store, process, and manage data related to equipment effectiveness. It involves leveraging remote servers hosted on the internet to securely store data and provide access to OEE software applications and functionalities.
Cloud deployment in OEE software offers manufacturers scalability, cost efficiency, ease of management, accessibility, data integration, and continuous innovation. It also provides organizations with a flexible and agile platform to optimize their equipment effectiveness and drive operational excellence. This, in turn, is expected to increase the adoption of cloud-based OEE software by manufacturers during the forecast period.
Manufacturing Execution System (MES) segment holds the second-largest share of the overall equipment effectiveness software market in 2022.
Manufacturing execution systems (MES) provide comprehensive capabilities for managing and controlling manufacturing operations, including production scheduling, resource allocation, quality management, and real-time data collection. As a result, they are well-positioned to integrate OEE functionality seamlessly within their broader suite of manufacturing execution capabilities.
This integration allows businesses to have a holistic view of their production processes, enabling them to monitor equipment effectiveness, identify bottlenecks, and optimize overall operational efficiency. The established presence of MES systems in manufacturing environments, coupled with their ability to incorporate OEE functionalities, has led to their dominant position in the OEE software market.
The power industry holds the second-largest growth rate of the market during the forecast period.
The power industry relies heavily on complex and critical equipment, such as turbines, generators, and transformers, which require effective monitoring and optimization to ensure efficient and reliable operations. OEE software provides the necessary tools and analytics to track equipment performance, identify potential issues, and optimize overall efficiency.
Besides, the power industry is undergoing significant digital transformation, focusing on smart grids, renewable energy integration, and advanced monitoring systems. OEE software plays a vital role in managing and optimizing these advanced technologies, further driving its adoption in the power industry. These factors combined contribute to the power industry’s expected dominance in the OEE software market during the forecast period.
North America dominated the overall equipment effectiveness software market in 2022.
North America held the largest share of the global overall equipment effectiveness software market in 2022. The region is at the forefront of technological advancements and adopting Industry 4.0 principles. Integrating advanced technologies such as the IoT, artificial intelligence, and data analytics in manufacturing processes creates opportunities for improving equipment effectiveness.
OEE software leverages these technologies to collect real-time data, perform advanced analytics, and provide actionable insights for optimizing equipment performance. The growing focus on Industry 4.0 and digital transformation initiatives in North America drives the demand for OEE software as a critical enabler of these technologies.
Companies Mentioned
- ABB
- Aveva
- Eschbach
- Evocon
- GE
- Iconics, Inc.
- Infor
- Machinemetrics
- Oeesystems
- Rockwell
- Siemens
- Sisense Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 263 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $67.5 Billion |
| Forecasted Market Value (USD) by 2028 | $122.4 Billion |
| Compound Annual Growth Rate | 12.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.2.4. Challenges
5.3. Value Chain Analysis
5.4. Ecosystem
5.5. Pricing Analysis
5.5.1. Average Selling Price Trend of Key Players, by Solution Type
5.5.2. Average Selling Price Trend
5.6. Trends/Disruptions Impacting Customer’s Business
5.7. Technology Analysis
5.8. Porter Five Force Analysis
5.9. Key Stakeholders & Buying Criteria
5.10. Case Study Analysis
5.11. Trade Analysis
5.12. Patent Analysis
5.13. Key Conferences & Events in 2022-2023
5.14. Tariff and Regulatory Landscape
5.14.1. Regulatory Bodies, Government Agencies, and Other Organizations
5.14.2. Regulations and Standards
6 Overall Equipment Effectiveness Software Methods (Qualitative)
6.1. Introduction
6.2. Availability Calculation
6.3. Performance Calculation
6.4. Quality Calculation
6.5. Real-Time Monitoring
6.6. Root Cause Analysis:
6.7. Predictive Analytics
7 Overall Equipment Effectiveness Software Market, by Offering
7.1. Introduction
7.2. Software
7.3. Services
8 Overall Equipment Effectiveness Software Market, by Deployment Mode
8.1. Introduction
8.2. On-Premises
8.3. Cloud
8.4. Hybrid
9 Overall Equipment Effectiveness Software Market, by Type
9.1. Introduction
9.2. Manufacturing Execution System (Mes)
9.3. Supervisory Control and Data Acquisition (SCADA)
9.4. Enterprise Resource Planning (Erp)
9.5. Predictive Maintenance
9.6. Data Historian
10 Overall Equipment Effectiveness Software Market, by Industry
10.1. Introduction
10.2. Automotive
10.3. Aerospace and Defense
10.4. Chemical
10.5. Electronics
10.6. Food & Beverage
10.7. Medical Devices
10.8. Metal & Mining
10.9. Oil & Gas
10.10. Pharmaceutical & Life Sciences
10.11. Others (Power & Utilities/Energy, Pulp and Paper, Telecom)
11 Overall Equipment Effectiveness Software Market, by Region
13 Company Profiles
14 Adjacent/Related Market
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/k3etfs
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
Artificial Intelligence
oToBrite Develops a Compact All-Weather Vision-AI Driver Monitoring System for the Commercial Vehicle Market
HSINCHU, May 9, 2024 /PRNewswire/ — oToBrite, a leading provider of vision-AI ADAS solutions, has successfully developed a compact all-weather vision-AI Driver Monitoring System (DMS). With a high-sensitivity automotive-grade global shutter image sensor, the system achieves outstanding Quantum Efficiency (QE), providing clear image quality day and night. With oToBrite’s proprietary secondary optical system, the overall combination effectively enhances the accuracy and reliability of the vision-AI algorithm in all weather conditions. The DMS has already been successfully delivered to heavy commercial vehicle manufacturers, mitigating the potential risks of traffic accidents.
oToBrite’s vision-AI DMS utilizes self-developed AI 3D facial landmark technology to identify over 100 driver IDs and recognize driving behaviors, including smoking, phone use, distraction, fatigue. The system remains effective even when drivers wear Level 3 sunglasses or coated glasses, without compromising the detection and recognition capabilities of vision-AI.
The vision-AI DMS features a 940nm infrared and high-QE sensor, coupled with oToBrite’s proprietary optical design, ensuring clear images in strong light conditions (>120K lux) or during nighttime driving. Additionally, oToBrite’s vision-AI technology optimizes facial image quality, ensuring accurate AI recognition whether driving against sunlight, backlight, or through tunnels.
Miniaturization is a significant trend in driver monitoring applications. oToBrite further emphasizes that, compared to many systems on the market requiring multiple LEDs for sufficient illumination, the DMS only needs one LED to meet the system’s image quality requirements. In terms of hardware technology, oToBrite’s secondary optical system adjusts the LED light source to any angle to meet light distribution needs. Concentrating the light source can double the illumination, producing more reliable images for AI recognition. This also reduces optical component usage, enhances image clarity, and saves installation space and system costs.
According to the 2023 market research report by Gii, the DMS market reached $1.3 billion in 2022, with an expected Compound Annual Growth Rate (CAGR) of 8.3% by 2028, reaching $20.8 billion. Currently, several countries are drafting or have implemented regulations, and driven by regulatory demand, oToBrite’s compact all-weather vision-AI DMS has begun mass production, contributing to achieving Vision Zero. Read more: http://www.otobrite.com/en/block/index/99
About oToBrite
oToBrite is a leading vison-AI ADAS/AD solutions provider. Based in Hsinchu Science Park, oToBrite has IATF 16949-certified clean room factory and many years of experience as an automotive Tier-1 supplier. Through comprehensive research and development capabilities, oToBrite provides vision-AI algorithms, ECU/domain controllers and automotive-grade/special purpose cameras.
Photo – https://mma.prnewswire.com/media/2406494/News_DMS0507.jpg
View original content:https://www.prnewswire.co.uk/news-releases/otobrite-develops-a-compact-all-weather-vision-ai-driver-monitoring-system-for-the-commercial-vehicle-market-302140971.html
IP solution maximizes operational efficiency for leading automation company
LONDON, May 9, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence, announced today that OMRON has selected IPfolio™, an intellectual property management software from Clarivate to transform their IP operations. This solution will enable OMRON, a leading automation company to make smarter decisions and plan strategically using IP data and analytical insights.
With IPfolio’s help, OMRON will be able to better manage its IP assets and keep up with the rising number of filings and data volumes, while eliminating manual processes. The IP team at OMRON can enhance their analysis and collaboration with stakeholders by using insightful data visualizations. This can lead to increased productivity, deeper insights, and faster decision-making with confidence.
Gordon Samson, President, Intellectual Property, Clarivate, said, “Our IP Management Software integrates data and services to empower our clients to remove friction, enhance collaboration and make better informed decisions. We are confident that IPfolio will help OMRON simplify the process of managing IP assets across the entire lifecycle.”
About ClarivateClarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com
Media Contact:Jack Wan, External Communications [email protected]
Logo – https://mma.prnewswire.com/media/1159266/Clarivate_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/omron-selects-ipfolio-from-clarivate-302139322.html
Most people don’t know that, due to recent groundbreaking scientific advances, existing technology can read thoughts, implant dreams, scan memory, tell if a subject is in love, and hack brains for PIN codes.
LONDON, May 9, 2024 /PRNewswire/ — Announcing the establishment of the Institute of Neurotechnology and Law (INL) – the first organisation of its kind in the world, crafted in response to the swift advancements in neurotechnology and the emerging concerns over human rights and privacy.
The world is about to change. Yet whilst AI steals the headlines, recent extraordinary advancements in neurotechnology have gone largely under the radar.
That is why we have set up the Institute of Neurotechnology and Law.
“We are at a critical juncture in the evolution of neurotechnology. The possibilities for improving human life are immense, yet so are the risks to privacy and autonomy,” stated Founder Harry Lambert. “The Institute of Neurotechnology and Law is dedicated to ensuring these technologies enable human flourishing without compromising our moral and ethical principles.”
The institute has already garnered significant attention, attracting some of the world’s foremost experts in neurotechnology, neuroscience, ethics, and law. These distinguished panellists will collaborate to address the pressing issues at the intersection of technology and human rights, aiming to influence policy both domestically and internationally.
For more information about the Institute of Neurotechnology and Law, upcoming events, and membership details, please visit www.neurotechlaw.com.
Media Contact: [email protected]. 07982678044
View original content:https://www.prnewswire.co.uk/news-releases/first-of-its-kind-institute-of-neurotechnology–law-launches-in-the-uk-302140545.html
-
Artificial Intelligence6 days agoCleverTap launches Clever.AI, the AI-Driven Edge for Customer Engagement & Retention
-
Uncategorized6 days agoImproving the Developer Journey in Crafting Artificial Intelligence Applications
-
Uncategorized6 days ago
Unveiling the Complex Psychological Implications of Artificial Intelligence
-
Artificial Intelligence6 days ago5G Enterprise Market Projected to Reach $115.81 billion by 2030 – Exclusive Report by 360iResearch
-
Artificial Intelligence6 days agoBitrue expands Bitcoin Runes Offerings with GPTV Listing and Staking Options
-
Artificial Intelligence7 days agoVirtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
-
Artificial Intelligence6 days agoInnodisk Introduces iCAP Air: Advancing Air Quality Management through Autonomous Decision-Making
-
Artificial Intelligence6 days agoAppian Named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms Report
