General Electric Co (GE.N) said it was on track to generate more than $1 billion in revenue this year from its data-analysis business that helps improve asset performance management.

GE's "Industrial Internet" business is powered by a software called Predix, which analyzes data that helps a client's equipment run better, consume less fuel, receive service more efficiently and minimizes unplanned downtime.

The Predix software, which works by bring all of a company's industrial machines into a cloud-connected system, would be available to any company in 2015, GE said in a statement.