The Industrial Internet of Things is transforming industry today. It’s not a far-off dream. Digital industrial leaders that got on board early have been rewarded with improvements to their top and bottom lines. Estimates have productivity gains from the Industrial IoT adding a sizable $10 trillion to $15 trillion to global GDP — the size of today’s U.S. economy — in coming years.
It’s exciting for us at GE Digital to see our investments pay off. But we also should pause to take stock of our progress and refocus on what remains to be done.
For more than five years, I have watched the Industrial IoT evolve — from a concept, to a few early successes, to what is now a rapidly growing market. We built GE Digital to create digital solutions for the industrial world and set out to make GE the proving ground for our new ways of working and our vision of the future. We have learned and adjusted as the market has evolved and as our customers have realized the opportunity.
But one thing is certain — we continue to have a strong outlook on the market and remain committed to pioneering technologies to help companies capitalize on the Industrial IoT.
Where We are Today
There’s no one else doing what GE Digital does. Full stop. We have the only global, comprehensive offering that manages the entire asset lifecycle. Our applications help industrials run their assets more efficiently and also make people more efficient, arming them with the right information to make more informed decisions.
In Predix, we have a platform that is purpose-built for these applications. In the 18 months since we launched it, we’ve learned a lot and worked with customers to make Predix a platform that works for them. Industrial IoT is still new and complex — we are making great progress and continue to innovate along the way.
We are gaining momentum. Our Predix-powered solutions are experiencing greater than 100 percent growth year over year, and we expect the trend to accelerate as the market matures. GE was the first to cultivate the Industrial IoT ecosystem, and today we have strong strategic relationships with more than 700 companies that are committed to taking this digital journey with us.
We’re learning alongside our customers. In energy, oil and gas, and aviation, we have hundreds of customers using Predix-based solutions — and more are engaging and designing their own solutions every month. Customers like Exelon, BP and Qantas in our industrial vertical customer base are adopting these technologies and seeing real outcomes.
Where We’ll Be Tomorrow
But, of course, challenges remain.
We’re competing — with other players that also want to shape the Industrial IoT space, and for the talent that can give us the edge we seek. On both fronts, I like our chances of success.
We are more specific about what success looks like — carving out pure GE Digital product offerings in our revenue measurement and focusing on very specific growth targets. We are on track to meet our growth targets and have more clearly defined what solutions to include in those measurements.
We have the right people. As businesses evolve, so too must the talent. I have never felt better about the talent we have working at GE Digital than I do right now. Strong leadership is something GE does best, and GE Digital’s ability to attract and retain the right talent is proof of that.
With a bold vision, a diversified technology portfolio and a powerful ecosystem, we are progressing within this truly new and unchartered territory. We are confident that we will continue our leadership position in the Industrial IoT market, and we remain committed to our mission of helping industrials realize the powerful outcomes promised by the Industrial IoT.
This is just the beginning and we are excited about what the future holds for GE Digital.