A new report from GE – General Electric, USA – found that the Industrial Internet could add €2.2 trn to European GDP by 2030, boost productivity and spur economic expansion.
The report, called The Industrial Internet – Pushing the Boundaries of Minds and Machines: A European Perspective, says that a mere 1 % increase in efficiency in healthcare, aviation, transportation and energy could yield savings close to €40 billion.
By adopting the technologies of Big Data and intelligent machines, the report’s authors claim Europe could “recover the productivity gains missed in the first round of the internet revolution and compound them with new ones, catching and moving ahead of the curve”
Good examples include:
AI to aid doctors and lawyers
Big Data analytics for retail and drug discoveries
Wearable sensors to monitor blood pressure and health conditions
Robots for surgery and eldercare
3D printing for complex manufacturing such as bespoke hip joints or gas turbine blades
But such claims are NOT new
‘Expert systems’ to help diagnose faults and maintain human bodies or machines were being built back in the 60s – but they were too simplistic and didn’t catch on
However, with AI, IoT technology and enormous modern computer power, GE’s expectations may well be realised