Industrial internet consortium members produce valuable technical papers and white papers, which are free to download to help advance iot initiatives. The number of sensors and devices on which the iiot depends has already reached tens of billions. The industrial internet of things will transform many industries, including manufacturing, oil and gas, agriculture, mining, transportation and healthcare. The industrial internet is bringing about a profound transformation to global industry, by connecting more intelligent machines, advanced analytics, and people. So ges industrial internet pitch was structured around the huge economic gains even a 1 percent improvement in efficiency might bring to a number of. The company is putting sensors on gas turbines, jet engines, and other machines. How big data creates opportunities for productivity improvements industrial internet from a ge perspective. Ge, the company that brought electric lighting and machinery into homes and businesses, has been at the forefront of innovation for over a century, and their machinery is used in the generation of a quarter of the worlds electricity supply. In this paper, general electric ge company is considered to be a case study to answer these questions. Jun 06, 2018 ge found that industrial internet of things iiot applications are relied on by 64% power and energy utilities companies to succeed with their digital transformation initiatives.
Unleashing the potential of connected products and services. Industrial iot iiot, is quite the rage within automation companies seeking to add a. Growthenabler the internet of things has the potential to transform our society, economy and how we live our lives. Powered by predix, ges cloud platform for the industrial internet, new solutions are helping industrial companies realize genuine. The potential lies in the ability to link automation systems with enterprise planning, scheduling and product lifecycle systems. Ge hopes that its predix software will become a standard platform for the industrial internet. The industrial internet is still at an early stage, similar to where the internet was in the late 1990s. The industrial internet comes from ge among others. In a recent report, 85% of it and ot decision makers recognize these benefits with many adopting new andor disruptive technologies within their business. Industrial internet of things market size iiot industry.
Industrial internet the industrial internet can be described as a source of both operational efficiency and innovation that is the outcome of a compelling recipe of technology developments. Accenture cyberphysical systems cps are the core technology of industrial big data and they will be an interface between human and the cyber world. May 30, 2018 the report is a very detailed study of the iiot industry. The iic was formed to accelerate the development, adoption and widespread use of interconnected machines and devices and intelligent analytics. Global united states, european union and china industrial. In many ways, the industrial internet embodies ges vision for the future and the growth opportunity surrounding it. Internet of things a living network of machines, data, and people forces shaping the industrial internet intelligent machines increasing system intelligence through embedded software 3 big data transforming massive volumes of information into intelligence. Its recent product launches are focused on this platform. Predictive maintenance industrial internet of things iiot. Equipment and machinery companies considering iiot platforms must develop a clear perspective on value in the industrial internet of things to drive impact at scale. World economic forum, industrial internet of things report. Current blends led lighting with digital networks to make commercial buildings and industrial facilities more energy efficient and productive. Ge s new centre will promote predix, its proprietary software for the industrial iot, which is.
Industrial internet, pushing the boundaries of minds and. A collaborative research effort between ge digital, industrial internet. However, it is the iots industrial applications, or the industrial internet, which may ultimately dwarf the consumer side in. Ge found that industrial internet of things iiot applications are relied on by 64% power and energy utilities companies to succeed with their digital transformation initiatives. The company has expanded its offerings from industrial equipment to data analytics with the development of the predix platform. The german government has supported this new wave of technology for years and has published three strategies, in 2006, 2010 and 2012, the most of recent of which, the hightech strategy 2020 action plan, introduced industry 4. Analyst firm gartner recently declared that the internet of things iot was the most hyped technology in 2014. Thats why ge built predix the industrial internet platform. Iiot platforms for industrial equipment and machinery. Although many iiot projects are still in the proofofconcept or trial stage, there are clear signs of a. Industrial solutions has the reliable parts and services you need.
On the operations side, iiot could increase production efficiency. Industrial automation market industrial automation industry size, share, trends, growth, research report and forecast, 2019 to 2025 the global industrial automation market is expected to witness strong growth due to a shift in trend from traditional techniques to digitized systems. The industrial internet consortium is the worlds leading organization transforming business and society by accelerating the industrial internet of things iiot. Realtime connectivity to scadas, hmis, plcs, and databases. Industrial internet of things reports world economic forum. Iiot stands for the industrial internet of things or industrial iot that initially mainly referred to an industrial framework whereby a large number of devices or machines are connected and synchronized through the use of software tools and third platform technologies in a machinetomachine and. There is a difference, however, between the availability of these technologies. The industrial internet of things 9 manufacturing and industrial companies must reengineer their strategy and culture however, to realise the full opportunities presented by the iiot, more is required than just hiring a roomful of service reps. Industrial internet of things iiot market forecast2020 2025. The industrial internet of things by making machines smarter through local processing and communication, the iiot could solve problems in ways that were previously inconceivable. Roundup of internet of things forecasts and market. The data generated by such intelligent technology can be analyzed to extract valuable information about the physical world, such as when an. Our mission is to deliver a trustworthy iiot in which the worlds systems and devices are securely connected and controlled to deliver transformational outcomes. Seizing competitive edge with the industrial internet.
Its one of the reasons cisco uses the term internet of. Seeing the limits of hardwaredriven growth, industrial equipment and machinery companies are looking to the industrial internet of things iiot to develop new customeroriented, revenueboosting business models. Advancement in technologies has helped key players to offer enhanced industrial internet of things offerings to their end users. Slidedeck exploring the ge industrial internet, and how this relates to the internet of things. Ge has thousands of quality electrical parts that you can count on. Easily connects to automation and industrial systems. Industrial internet of things iiot market research report.
From a financial perspective, one market research report forecasts growth of. According to research from ge and accenture, executives across the industrial and healthcare sectors see the enormous opportunities of the industrial internet and in many cases are deploying the first generation of solutions. Industrial internet of the things iiot platform, predix platform. Industrial internet of things iiot and its impact on the design of. Mar 04, 2020 press release booming demand for industrial internet of things iiot market analysis forecast 20202025 top companies. For example, general electric has opened a digital foundry in shanghai to help chinese companies develop and commercialize products for the industrial internet of things.
There are some public reports that estimate the growth of the sensor market. Industrial internet ge and apple team up to bring the industrial internet to the iphone and ios. Ge industrial internet leads the business to a new wave of productivity gains and performance optimization. The global industrial internetofthings market is expected to reach usd 751. Jul 12, 2018 according to the recent study, global size of industrial internet of things iiot market was valued at approximately usd 145. This makes selecting the right vendor and right product more daunting. The world is being transformed as connected devices and equipment, embedded with sensors and software, communicate with one another and the cloud. Ge the industrial internet of things company nanalyze. Automation, reporting and data analysis is designed specifically for reporting from industrial. Predix platform is purposebuilt for deriving specific industrial insights and outcomes across diverse and highly regulated industrial markets. The industrial internet is the integration and linking of big data, analytical tools and wireless networks with physical and industrial equipment, or otherwise applying metalevel networking functions, to distributed systems. Its actually far more interesting than that and it all starts with the term industrial internet which was coined by a well known. Industrial iot market size, share, system and industry.
To truly leverage its new direct customer relationship and make the. Industrial internet insights report for 2015 smart industry. Digital skies when a qantas pilot asks, am i making a difference. The ptc white paper the state of the industrial internet of things 2017 is. Chapter 1 introduction to the industrial internet ge general electric coined. The industrial iot application platform general electric.
The industrial internet of things national instruments. Big data, machine learning and the internet of energy. Iiot equipment is expected to have longer product life spans than consumer hardware. An evolution to a smart manufacturing enterprise by john conway executive summary the industrial internet of things iiot is not about replace them with new ones. Were not yet at the point where the internet of things iot has had a meaningful impact on any of the businesses. Global industrial report a letter from jon langenfeld the industrial sector is no stranger to upheaval. The industrial internet consortium iic is an open membership organization, with 258 members as of 22 november 2016. Industrial internet insights report for 2015 general electric ge. But, what does the industrial internet mean in the real world, for example, in the endtoend development, delivery and performance of a wind turbine. Integration of sensing and actuation systems connected to the internet can optimize energy consumption as a whole. Collectively, these account for nearly twothirds of the world economy. Investment in the industrial internet of things iiot is expected to top.
The annual magic quadrant for industrial iot platforms report talks about industrial internet of things as an emerging market and for the second year in a row, identifies ptc as an iiot visionary. Winning with the industrial internet of things 3 securing economic growth the raw technical conditions for the widespread adoption of the iiot are highly favorable. Ge is one of the highly innovative companies in the world. Called the industrial internet, this new way of doing business is revolutionizing how decisions will be made and generating value.
The industrial internet reference architecture is a standardsbased architectural template and methodology that enables industrial internet of things iiot system architects to design their own systems based on a common framework and concepts. Discover how ge digital is helping accelerate machine efficiency through entirely new ways through the industrial internet. Industrial internet, ge and accenture fielded a survey in china. Industrial internet as a conduit to help manufacturers increase production efficiency. Industrial iot market research report global forecast to. Its one of the reasons cisco uses the term internet. Booming demand for industrial internet of things iiot market. Pushing the boundaries of men and machines 2012 by region. This video originally appeared on ge software youtube channel. Move from reactive to predictive maintenance and service with the industrial internet of things iiot capabilities of the sap predictive maintenance and service solution. Iiot the industrial internet of things iiot explained. This element of the industrial is the industrial internet encompassesinternet is essential to grapple with the traditional approaches with newer hybridincreasing complexity of interconnected approaches that can leverage the powermachines. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the subsegments from 2014 to 2025. The convergence of the physical and digital worlds begins with sensors and sensory data, which automates and quantifies pattern tracking for both product distribution and customer behaviours in the physical world.
This paper is part of a series from ge, exploring the next generation of industrial progress. Ge has bet big on the industrial internet the convergence of industrial machines, data, and the internet. Reduce costs with hybrid onpremcloud industrial data management. This was once the undisputed business model of traditional industrial equipment and machinery companies. Ges industrial internet financials ge financial division of industrial segments power and water oil and gas energy management aviation health care transportation appliances and lighting consumers commercial lending and leasing ge capital aviation services. Rather than taking on the entire burden, companies can now use predix platform to build applications.
In the united states general electric ge is working on a similar initiative. As an online solution, can still produce a pdf, excel, along with web or database output. Such data is becoming the currency of the industrial internet economy, and the foundation for new softwareenabled services. Iiot platforms for industrial equipment and machinery players. A shorthand for the industrial applications of iot, also known as the industrial internet of things, or iiot. For further information or to provide feedback on this report, please contact your. The industrial internet consortium iic will enable and accelerate adoption of the industrial internet which is essential to growth and competitiveness in key industry sectors, including. Insightswhitepapersdesigningformanufacturingsinternetofthings. Take the exponential growth in data volumesthat is, big data available to companies in almost every industrial.
Our placement reflects the highest ability to execute. Feb 01, 20 sign in to report inappropriate content. Learn how alcon uses ge digitals proficy software products to record 30,000 read more. By 2023, size of industrial iot market will grow usd 232. Ge and microsoft plan to go to market together with iot partnership. Industrial internet of things market size iiot industry report, 2019. Ge has developed the industrial internet maturity model that has a unique fivestep model that enables its users to assess where the business is today on the spectrum of expected maturity or capabilities in terms of adopting the industrial internet, determine where the business.
The industrial internet reference architecture v 1. Such a simple conception is not sufficient for our purposes in this paper, however. Our research shows primary drivers include streamlining operational efficiencies and increased productivity across the value chain. For the purpose of this study, grand view research has segmented the global industrial internet of things market report on the basis of component, end use, and region. This report highlights the findings of the 2016 industryweekgenpact current state of. Check out this report from wurldtech, part of the ge digital family, to better understand the cyber security readiness of critical infrastructure organizations and why the adoption of otspecific security capabilities is essential to protecting your critical process control and production environments. Ge power whose turbines and generators supply 30 percent of the worlds electricity has been working on applying big data, machine learning and internet of things iot technology to build an internet of energy to replace the traditional, linear, oneway model of energy delivery.
This includes embedded sensors, big data, cloud, analytics, and digital twins. And by 2020, over 50 billion assets will connect to the internet. According to the recent study, global size of industrial internet of things iiot market was valued at approximately usd 145. Given the greater significance, this report focuses exclusively on the industrial internet.