The Industrial Internet (A combination of Big Data analytics and the Internet of Things) holds great potential if executives in healthcare and industrial sectors are to be believed, reveals a research published by GE and Accenture.

To put things in perspective with regards to the economic potential of Industrial Internet, an estimate of worldwide spending is predicted to be $500 billion by 2020, pointing to a mammoth global GDP of $15 trillion by 2030, according to Wikibon and GE.

The Industrial Insights Report 2015, indicates that Big Data analytics is either the top priority for the company or in the top three. A sense of urgency is driving implementation of Industrial Internet solutions partly because of the impact being felt at an industry level as well as the competitor level.

Key Statistics:

The survey points out that 73 percent of companies are already investing more than 20 percent of their overall technology budget on Big Data analytics while more than two in 10 are investing more than 30 percent. About three-fourths of executives (76%) expect spendings to increase just in the next year.

84 percent respondents said that the use of Big Data analytics “has the power to shift the competitive landscape for my industry” within just the next year. 89 percent believe that enterprises who don’t embrace Big Data analytics strategy in the next year risk losing market share and momentum.

Aviation (61%), Wind (45%), Power Generation and Manufacturing (42%) companies see Big Data as top priority.

The survey is available here for further reading.

The report explains that the Industrial Internet enables companies to ”use sensors, software, machine-to-machine learning and other technologies to gather and analyze data from physical objects or other large data streams”—and then use those analyses to manage operations and in some cases to offer new, valued-added services.

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(Image credit: Till Krech)