As the premier digital industrial company, GE coined the term Industrial Internet in late 2012. It estimates the Industrial Internet could be a $225 billion market by 2020, and has made significant investments in the Industrial Internet. It created GE Digital, its software business dedicated to making digital the core foundation of GE's operations.
GE is one of the companies that founded the Industrial Internet Consortium to accelerate the development, adoption, and widespread use of interconnected machines and devices, intelligent analytics, and people at work.
Leveraging the promise of the Industrial Internet, or IIoT, GE is driving its own digital transformation. And based on its experience and deep technology and industry expertise, GE is helping customers, like Schindler and Bosch, accelerate their digital transformation journeys with GE Digital’s software solutions, including Predix—the cloud-based operating system for the Industrial Internet.
GE estimates that the Industrial Internet revolution could add €2.8 trillion to the GDP of Europe by 2030 – close to a quarter of the current size of the Euro Area economy. It can also create greater efficiency and speed in industries as diverse as aviation, rail, energy and power generation, and healthcare delivery while increasing European competitiveness throughout the world.
The Industrial Internet can enable energy efficiency, reducing the energy challenges that Europe faces today. GE estimates that even saving only 1% in gas-fired power generation alone represents $66B globally and $15B in Europe in fuel savings over the next 15 years. Gartner sees the value-add of the Internet of Things as a whole growing to $1.9T by 2020 with estimates coming in at $100B in value-add opportunities for utilities alone.