PREDICTIVE MAINTENANCE MARKET ANALYSIS

Key Developments

• In December 2023, ABB, a global leader in electrification and automation with over 140 years of excellence and a commitment to driving industrial transformation, enhanced its ABB Ability Field Information Manager (FIM 3.0) to provide system engineers and maintenance teams with enhanced connectivity and expanded reach across the latest communication protocols. This upgrade aims to boost operational efficiency by enabling faster, more intuitive configuration, commissioning, diagnostics, and maintenance of devices, while supporting smarter maintenance and improved engineering efficiency.
• In June 2023, Qatar Airways, one of the world's top airlines known for its commitment to excellence and customer service, partnered with Google Cloud, a leading provider of cloud computing and artificial intelligence solutions, to develop innovative data and AI solutions specifically tailored for the airline industry. This collaboration will focus on enhancing areas, such as predictive maintenance, passenger experience, and cargo operations, with the goal of elevating efficiency and customer satisfaction within the airline sector. By leveraging Google Cloud's advanced data analytics, AI, and machine learning capabilities, Qatar Airways aims to optimize its operations and deliver a more personalized and streamlined experience for its passengers.
• In April 2023, TrendMiner, a leading provider of advanced industrial analytics and a subsidiary of Software AG, launched an updated version of its predictive maintenance software, the Digital Twin Manager. This release includes enhanced support for cloud data sources from Amazon Web Services (AWS) and Microsoft, as well as interactive search functionality, enabling users to make data-driven decisions more efficiently. The Digital Twin Manager allows industrial companies to create digital process twins, providing deeper insights into operational performance and facilitating predictive maintenance efforts.
• In January 2023, AVEVA, a global leader in industrial software founded in 1967 and known for its digital twin technology and solutions across the entire asset lifecycle from engineering to operations and maintenance, finalized its acquisition by Schneider Electric, a leading global industrial company specializing in digital automation and energy management. AVEVA's strategic objective is to emerge as the top Software as a Service (SaaS) provider in software and industrial information, with a focus on transitioning to a subscription-only business model.