GE says 'Industrial Internet' could be worth trillions

Nov 26, 2012
Connecting industrial operations to the Internet could lead to significant gains in productivity, potentially worth $10 trillion to $15 trillion globally, a study by General Electric said

Connecting industrial operations to the Internet could lead to significant gains in productivity, potentially worth $10 trillion to $15 trillion globally, a study by General Electric said Monday.

The report by the US conglomerate found that enabling Internet-connected machines to communicate and operate automatically can lead to big .

"Securing even part of these could bring great benefits at both the individual and economy-wide level," said GE chief economist Marco Annunziata, a co-author of the report.

"The full potential of the 'industrial Internet' will be felt when the three primary digital elements—intelligent devices, and intelligent automation—fully merge with physical machines, facilities, fleets and networks.

"When this occurs, the benefits of enhanced productivity, lower costs and reduced waste will propagate through the entire industrial economy."

The report, "Industrial Internet: Pushing the Boundaries of Minds and Machines," said this process could add $10-15 trillion to global .

It would also eliminate hundreds of billions of dollars of wasted time and resources by combining Internet-connected machines, diagnostics, software, and analytics to make business operations more efficient.

The report said an important impact could be in "" techniques. But savings can also be achieved in health care, energy and in transportation—including more fuel efficient airline operations.

The report said that the first wave of the Internet and communications technologies revolution boosted US labor productivity growth to an average annual rate of 3.1 percent during 1995-2004, twice the pace during the previous quarter-century.

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User comments : 7

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Lurker2358
2.7 / 5 (7) Nov 26, 2012
I wonder what the unemployment rate will be when "Skynet" controls everything?

Well, it may not be self-aware, but the CEO will own everything, and that many more people will be out of a job.

Republicans will blame individuals and tell them to "try harder".
Noumenon
3.1 / 5 (17) Nov 26, 2012
The existing internet is the result of republican supported ideas, like a free market, freedom of speech, and in general, liberty,... which means free from government control.

On the other hand, you have liberal 'progressives' who desire global governance, and social engineering of human behavior. The far leftists at the UN are the ones seeking to control the internet.
Lurker2358
2.7 / 5 (7) Nov 26, 2012
The existing internet is the result of republican supported ideas, like a free market, freedom of speech, and in general, liberty,... which means free from government control.

On the other hand, you have liberal 'progressives' who desire global governance, and social engineering of human behavior. The far leftists at the UN are the ones


Actually, the internet was invented using government funds at public universities; a socialist concept.
Parsec
4 / 5 (4) Nov 26, 2012
I sincerely hope that a little more thought is given to security that the idealists who designed the first version of the internet.
Noumenon
3.3 / 5 (12) Nov 26, 2012
The existing internet is the result of republican supported ideas, like a free market, freedom of speech, and in general, liberty,... which means free from government control.

On the other hand, you have liberal 'progressives' who desire global governance, and social engineering of human behavior. The far leftists at the UN are the ones


Actually, the internet was invented using government funds at public universities; a socialist concept.


Yes, good point, and if zoog the communist cavemen, had not invented the wheel,..... we wouldn't have a means of transport now, right?
ab3a
5 / 5 (2) Nov 26, 2012
This has got to be one of the dumbest things I've read in a while. This is sort of like those conglomerates that Wall Street numb-nuts used to put together of unrelated companies that would somehow experience a "synergy" that would make everything better. What a load of balderdash!

They overlook what happens when you expose these industrial assets to hackers. There is a risk here and it is nothing to trifle with.

I suggest dumping any stock you may have in GE. Any company that would publish something this stupid doesn't deserve your money.
ryggesogn2
3.5 / 5 (8) Nov 26, 2012
Actually, the internet was invented using government funds at public universities; a socialist concept.


A legitimate function of the govt is national defense. The internet was invented to communicate with nuclear missile silos.

After inflation those $trillions are mere $millions.