ABB’s cloud-based industrial analytics software can be utilized anywhere. It can be deployed at the edge, closer to the DCS or the process, or at the plant level. Furthermore, customers are seeing the value of cloud-based solutions, where you do a lot of data manipulation, data mining, as well as data analytics, and then bring back and run those trained models closer to the process to the edge as well.
In the hybrid cloud, you run, you train, and you bring it back to the edge. This is a lot more prevalent now. But from ABB's perspective, we launched ABB Ability™ Genix, which is a next-generation native software-as-a-service offering for cloud-based industrial analytics and AI. It unlocks the value of data that is not used today, not limited to only operational data, but also bringing OT/IT and engineering data together. Thereby, we bring the value of the data, which is extremely important, with contextualization, to drive business insights.
Next, we need to examine why certain organizations are struggling. They are struggling because integrating siloed data from multiple systems is difficult. For example, in a water utility, or an oil and gas plant, as many as 30 systems need to be connected.
You can't collect data by simply installing sensors on these machines. The context is coming from all of these disparate systems. Data needs to be contextualized, and it also needs to be integrated in an automated fashion, which is achieved by Genix.
The third aspect is that a lot of use cases, and several specific value pillars, involve ABB in four major areas. The first is sustainability. How do you cut down on emissions? How do you optimize energy? The second is asset performance management. How do you improve asset reliability? And the third is process performance. How do you keep improving process quality and process performance? The fourth area is looking at how you bring in extended automation software. This means how you deliver the same DCS software output but use it as quickly for digital and mobile operations that you would like to manage. How do you control that?
We look at bringing these value pillars together. To make it all safe and smart, you need to have cyber security, which will help to reduce and manage risk. And finally, you achieve operational excellence, which includes manufacturing operations management, but also a digital layer that achieves operational excellence across a fleet and enterprise.
These value pillars are built as applications or value pillar applications on top of the industrial analytics and AI suite, helping to provide an immediate return on investment.
Hence, it is not surprising that the asset performance management market is growing at more than 31% CAGR today. It is extremely critical that we deliver the highest utilization reliability as well as predictive maintenance for critical assets, especially for asset-focused and energy-intensive industries.