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The Industrial Internet: Innovation + Productivity + Growth
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 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
Watch GE CEO, Jeff Immelt, Keynote Speech at Minds + Machines 2013 - GE
In July of 2012, the first 150 employees of the GE Software Center moved into a new global headquarters in San Ramon, California. The new headquarters galvanizes GE’s Industrial Internet effort and currently has more than 200 employees with plans for hiring thousands more over the next few years. In 2013, GE formed partnerships with Amazon's Amazon Web Services (AWS), Accenture Plc, Pivotal (EMC and VMWare), AT&T, Cisco, and Intel for 'Industrial Internet' service that allows its customers to analyze data and predict outcomes.
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.
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's vision is that eventually all GE products will become intelligent with software and connectivity, and those products will become more reliable and productive because of that intelligence. By connecting advanced software to GE equipment and systems to deliver real-time performance analytics, GE’s customers will also have more insight into their own operations, including the ability to predict and proactively address performance issues before becoming a problem.
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.
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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Watch the Industry business leaders from Energy (Apache Corporation, Statoil ASA), Utilities (Commonwealth Edison), Airline (United) and Healthcare (St. Luke's Campus Health Care Center) Sectors convene with GE to discuss the challenges and opportunities as they deploy the Industrial Internet in their businesses.
Cisco has estimated that 25 billion devices will permanently connect to the Internet by 2015, rising to 50 billion devices by 2020. At that rate there will be nearly 7 times more devices permanently connected to the Internet than people in the world...Similarly, Gartner estimates that there will be more than 200 billion devices that intermittently connect to the Internet by 2020. GE believes that the efficiencies derived from the Industrial Internet could save global industries $150 billion annually and boost global GDP by as much as $10-15 trillion over the next 20 years, through accelerated productivity growth.
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.
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.
What does it mean for the market?
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?
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?
About the Author
About GE
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.
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.
GE Power & Water (19.2%, 17.4% and 16.6% of consolidated revenues in 2012, 2011 and 2010, respectively) is a leader in the field of development, implementation and improvement of products and technologies that harness resources such as wind, oil, gas and water to produce electric power.
GE Oil & Gas (10.3%, 9.2% and 6.3% of consolidated revenues in 2012, 2011 and 2010, respectively) helps oil and gas companies make more efficient and sustainable use of the world's energy resources.
GE Energy Management (5.0%, 4.4% and 3.5% of consolidated revenues in 2012, 2011 and 2010, respectively) designs, manufactures and services leading technology solutions for the delivery, management, conversion and optimization of electrical power for customers across multiple energy-intensive industries.
GE Aviation
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.
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.
GE Healthcare (12.4%, 12.3% and 11.3% of consolidated revenues in 2012, 2011 and 2010, respectively) is one of the world’s leading providers of essential healthcare technologies to developed, developing and emerging countries.
GE Transportation (3.8%, 3.3% and 2.3% of consolidated revenues in 2012, 2011 and 2010, respectively) is a global technology leader and supplier to the railroad, marine, drilling and mining industries.
GE Home & Business Solutions (5.4%, 5.2% and 5.3% of consolidated revenues in 2012, 2011 and 2010, respectively) sells products that share several characteristics − competitive design, efficient manufacturing and effective distribution and service.
GE Capital (31.2%, 33.3% and 33.3% of consolidated revenues in 2012, 2011 and 2010, respectively) businesses offer a broad range of financial services and products worldwide for businesses of all sizes. Services include commercial loans and leases, fleet management, financial programs, home loans, credit cards, personal loans and other financial services. GE Capital also develops strategic partnerships and joint ventures that utilize GE’s industry-specific expertise in aviation, energy, infrastructure and healthcare to capitalize on market-specific opportunities.
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