According to a recent press release, “GE today announced plans to establish a new, independent company focused on building a comprehensive Industrial Internet of Things (IIoT) software portfolio. The company will start with $1.2 billion in annual software revenue and an existing global industrial customer base. The company is intended to be a GE wholly-owned, independently run business with a new brand and identity, its own equity structure, and its own Board of Directors. The proposed new organization aims to bring together GE Digital’s industry-leading IIoT solutions including the Predix platform, Asset Performance Management, Historian, Automation (HMI/SCADA), Manufacturing Execution Systems, Operations Performance Management, and the GE Power Digital and Grid Software Solutions businesses.”

The release continues, “The IIoT is a nascent market but is expected to have significant growth. According to Gartner: ‘Innovations such as smart, connected products, the industrial Internet of Things (IoT), ‘digital twins,’ advanced analytics and artificial intelligence will be key to productivity improvement and new IT demand in this sector through 2022. The proliferation of digital products and subsystems to enable the IoT in downstream industries and generate revenue from smart products over their entire life cycle will be the most promising (and complex) driver for new IT spending growth through 2022.’ GE’s independent software business moves into the market with a strong position, building on the company’s experience and success developing solutions to drive the outcomes that matter most for asset-intensive industries.”

Read more at GE.

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