Update LIVE: Industrial Internet Market Will Surpass $1.7 TRILLION by 2020
Updated with full video – see below.
Welcome to NewsDesk on SiliconANGLE TV for Tuesday June 18, 2013. The term Industrial Internet is one that is becoming more prevalent in the tech industry and shouldn’t be ignored. Joining us now to help us further define the Industrial Internet and share his projections regarding this concept is Wikibon Co-Founder and CTO David Floyer.
See live feed below or visit youtube.com/siliconangle to watch on-demand!
This morning Floyer published a comprehensive report breaking down the Industrial Internet market, defining this trend and outlining its inherent opportunities. One thing Floyer is sure to start with is a clarification of how the Industrial Internet is different from the Internet of Things, noting their defining characteristics in how their value is created.
“The main difference between the consumer/social Internets and the Industrial Internet is in how and how much value is created,” Floyer writes. “For consumer/social Internets, the majority of value is created from advertisements. The value created from the Industrial Internet is much greater from the same amount of data, and has three component:
- The value of increased efficiency of the industrial plant equipment and long-term maintenance and management of the equipment. In our research this was found to be always above 10% and as high as 25%.
- The value contribution to adjoining Industrial Internet networks, such as balancing short-term positive cash flow against additional long-term equipment and equipment maintenance costs.
- The value contribution of disruptive new business models is a wild-card that could in a few cases be dramatically high, or in most cases moderate or zero.”
It all sounds pretty exciting, but what’s it all mean for our consumer-centric economy? And what are the obstacles Industrial Internet service providers face establishing market opportunities in this widening economy? These are just some of the questions Floyer will address in this morning’s upcoming segment.
See the live broadcast, embedded below. If you missed today’s topic, check our YouTube channel for archived clips.
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