Industrial Internet watchers, members of the media and industry experts gathered at GE’s Industrial Big Data Event to explore insights gleaned from Industry’s growing mixture of machines, sensors, people, and analytics tools.
But what are the strongest arguments for building these resources at all? Big Data is hardly a new concept and entire industries have already successfully created markets that focus on the minutia of Internet transactions and consumer behavior.
A new paper revealed at the conference seeks to answer that question. The study, “The Case for an Industrial Big Data Platform: Laying the Groundwork for the New Industrial Age,” makes several arguments for why we will benefit from this new platform.
First is the size and scope of industrial machines. Industrial resources including aircraft, generators, locomotives, turbines, their processes and associated businesses account for over 30% of the global economy. The sheer size of global industry makes it imperative that we search for productivity gains and related information-based services.
Beyond the size of the market is its importance. Trains deliver food, aircraft deliver critical medical supplies and turbines power our homes. As a society we are dependent on industrial machines and it follows that we should endeavor to know as much as we can about them.
The paper also finds that the market for a new industrial big data platform is driven by the new and cheaper forms of computing, storage, and sensor technology, as well as the growing complexity of industrial companies themselves.