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The Industrial Internet is a term that is coined by General Electric (NASDAQ: GE) and it brings together the advances of two transformative revolutions: the myriad machines, facilities, fleets and networks that arose from the Industrial Revolution, and the powerful advances in computing, information and communication systems brought to the fore by the Internet Revolution. Together these developments bring together three elements, which embody the essence of the Industrial Internet: 1) Intelligent Machines, 2) Advanced Analytics, and 3) People at Work.
With products and services ranging from aircraft engines, power generation, oil and gas production equipment, and household appliances to medical imaging, business and consumer financing and industrial products, GE serves customers in more than 100 countries and employ approximately 305,000 people worldwide.
Source: GE's Report on the Industrial Internet@Work
The evolution of the Cisco's Internet of Things, GE's Industrial Internet, Machine-to-Machine Communications, Big Data (SAP HANA, Pivotal AX etc.), Cloud Computing, Mobile Computing, and Social Media, would benefit the growth of businesses around the world and usher the Vendors' Ecosystem Partners and Clients into new innovations, business architectures and operating models. Watch the panel discussion of VP GE Software, Bill Ruh with the partners, AT&T, Cisco, and Intel.
GE Software and AT&T: Advancing the Industrial Internet Together
GE Software - GE and Cisco's Powerful Partnership for the Industrial Internet
Intel and GE Software: Accelerating the Industrial Internet
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GE projects that its annual commercial opportunity in the Industrial Internet will eventually be in the neighborhood of $5 billion from products and services associated with Industrial Internet systems and analytics.
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A recent report in The Economist quotes an analyst prediction of hardware and connectivity revenue associated with the development of the Industrial Internet growing 23% annually to $948 billion by 2020...According to technology research group Wikibon, industrial data is expected to grow at two times the rate of any other big data segment over the next decade. IDC reports that the “Big Data” market will grow from $3.2 billion in 2010 to $16.9 billion in 2015.
Focus on the companies that will embrace and adopt the Industrial Internet as it will increase their productivity and at the same time, it will offer innovative products, services, and solutions to their clients across the world.
What does it mean for you?
I would love to hear from the blog readers as to what are the opportunities and challenges for the uptake of the Industrial Internet in their domains?
General Electric Company was created on April 15, 1892 by combining the Edison General Electric Company and the Thomson-Houston Company. In FY 2012, GE reported consolidated revenue of US$147 billion and operating income of US$16.1 billion from its major businesses including Power & Water, Oil & Gas, Energy Management, Healthcare, Transportation, Home & Business Solutions, and GE Capital. It was listed as the 8th largest corporation on the Fortune 500 list in 2013.
Aviation (13.6%, 12.8% and 11.8% of consolidated revenues in 2012, 2011 and 2010, respectively) is one of the world’s leading providers of jet engines and related service.