Infrastructure around the world is being linked together via sensors, machine learning and analytics. We examine the rise of the digital twin, the new leaders in industrial IoT (IIoT) and case studies that highlight the lessons learned from production IIoT deployments. PTC and Rockwell Automation have expanded a digital transformation strategic partnership. The duo, which has worked with 250 new customers so far, has expanded the alliance to include PTC's software as a service and product lifecycle management products. The agreement between the companies runs through 2023 and beyond.
Industry is making strides in developing Internet of Things technologies and articulating the potential business value of industrial IoT and Industry 4.0 solutions. As more companies restructure their product and service offerings to support outcome-based business models, they will face a shortage of critical IoT-specific skills, ranging from embedded software development to cybersecurity and big data analytics. The ease and low cost in which product engineers can connect devices to the Internet and stream remote sensor information will continue to fuel the introduction of IoT products--mostly one-off and bespoke applications--but will also encourage sloppy implementations that result in system failures and security breaches. The automotive industry is emerging as the next largest volume market for IoT semiconductor manufacturers, driving semiconductor companies to invest heavily in sensors, especially in video and solid-state LIDAR, and in high-bandwidth single-chip sensor fusion components.
SAN FRANCISCO – November 15, 2016 – Today at Minds Machines, GE (NYSE: GE) announced new products, acquisitions and partner programs to enable further adoption of Predix, the operating system for the Industrial Internet. The platform enhancements, acquisitions and new ISV partner program further complement the Predix technology stack and make it easier for industrial companies to execute a strategic digital transformation to drive internal productivity. In 2016, orders from GE's portfolio of software solutions are on track to climb 25% to more than $7 billion – making GE the fastest growing digital industrial company in the world. Demonstrating the strength of Predix within GE, digital thread productivity will exceed $600 million, accelerating into 2017. "The opportunity for industry is now," said Bill Ruh, Chief Digital Officer of GE and CEO, GE Digital.
Bain predicts that by 2020 annual revenues could exceed $470B for the IoT vendors selling the hardware, software and comprehensive solutions. McKinsey estimates the total IoT market size in 2015 was up to $900M, growing to $3.7B in 2020 attaining a 32.6% CAGR. General Electric predicts investment in the Industrial Internet of Things (IIoT) is expected to top $60 trillion during the next 15 years. IHS forecasts that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025 Bain predicts that by 2020 annual revenues could exceed $470B for the IoT vendors selling the hardware, software and comprehensive solutions. McKinsey estimates the total IoT market size in 2015 was up to $900M, growing to $3.7B in 2020 attaining a 32.6% CAGR.