Jeff Immelt, the CEO of General Electric (GE), has expressed his belief that the ‘Industrial Internet’ will be twice as big as the consumer internet. Immelt predicts that the Industrial Internet, which connects machines and devices in industries such as manufacturing and energy, will be a significant driver of productivity and efficiency.
GE has already invested $1 billion in the development of this technology and plans to spend an additional $4 billion by 2020. The company has also launched Predix, a cloud-based platform designed to analyse the data generated by industrial machines. Predix is expected to generate $6 billion in revenue by 2020 and $15 billion by 2025.
Immelt is optimistic about the future of the Industrial Internet despite the current economic uncertainty. He believes that the technology will help companies to become more productive and competitive, and that it will lead to the creation of new jobs. He also suggests that the Industrial Internet will be a major factor in the transformation of GE into a digital industrial company.
However, there are concerns about the security risks associated with the Industrial Internet. Immelt acknowledges these risks but argues that they can be managed through careful planning and the use of advanced security technologies.
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