GE says 'Industrial Internet' could be worth trillions
WASHINGTON (AFP) - Connecting industrial operations to the Internet could lead to significant gains in productivity, potentially worth US$10 trillion to US$15 trillion (S$12.2 trillion to S$18.3 trillion) globally, a study by General Electric said on Monday.
The report by the US conglomerate found that enabling Internet-connected machines to communicate and operate automatically can lead to big efficiency gains.
"Securing even part of these productivity gains 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, intelligent systems and intelligent automation - fully merge with physical machines, facilities, fleets and networks.