'GE Estimates That IIoT Could Be A $225 Billion Market By 2020'

Speaking at the recently-held Tech Chat on ‘Data and Analytics in an IIoT World’, Pradeep Menon, VP, Data and Analytics (DnA) at GE Digital Hubs, provided insights into the inner workings of IIoT, its future, and usage at GE. The event, organised by NASSCOM, in association with GE Digital, saw several industry experts speaking on a range of topics. Menon highlighted the importance of building a digital business technology platform across a global organisation. He emphasised the fact that while the human eye sees just a machine the digital eye augments that with analytics, deep insights and connects it to people. The "Industrial Internet of Things (IIoT) is not just about connecting industrial machines intelligently to reduce system downtimes, it is also about foreseeing and pre-empting them”, Menon explained. Manjunatha Hebbar, founder and CEO of Buoyanci, threw light on the practicality of making IIoT work specifically in the Indian market. Hebbar said, "In addition to over approximately 3,000 new steel plants coming up in India, there's a great scope for channeling IIoT technology in medium-level industries as well." Leaders in the DnA organisation, Sanjeev Kumar, Vineet Jaiswal, Abhishek Narain and Vijay Balakrishnan also spoke about how they make all these concepts a reality within GE. As part of the Digital Thread program, GE connects its complex systems and machines, collects sensor information from them into data lakes, runs advanced analytics on top of that data to identify insights and finally ensures adoption and monetisation of business benefits through advanced analytics as was demonstrated during the session through augmented reality.