The Internet-of-Things, or the industrial-Internet as General Electric calls it, has the potential to add between $10 trillion and $15 trillion to global gross domestic product by 2030 according to a recent report presented by the company. The report states that a 1% increase in efficiency generated by the network will mean savings of $30 billion in aviation, $66 billion in power generation and $63 billion in health care over 15 years. The report suggests that companies are finding new ways to utilise the large amounts of data which the Internet and Internet-of-Things are making available.
General Electric claims that it will be able to repair or replace products before they break, by receiving notices directly from the systems in the field. Wide scale deployment of sensors and situation awareness systems will provide the ability to let the products, systems and services define their own needs.