Reliance Industries and GE form global IoT partnership
17 Nov 2016
Reliance Industries Limited (RIL) and technology bellwether GE today announced the signing of a global partnership agreement in the industrial Internet of Things (IIoT) spacewhereby RIL and GE will work together to provide industrial IOT solutions to customers in oil & gas, fertiliser, power, healthcare, telecom and other industries.
''The first-of-its-kind partnership marks the coming together of two of the world's largest industrial conglomerates to provide industrial IoT solutions to customers in oil & gas, fertiliser, power, healthcare, telecom and other industries,'' a joint release stated.
The agreement was signed in the presence of Jeff Immelt, chairman and CEO of GE and Mukesh Ambani, chairman and managing director of Reliance Industries Limited.
GE will provide its Predix cloud offering, industrial internet applications and data science expertise. RIL will develop solutions on Predix as an independent software vendor (ISV), bringing to bear its over 30 years of data, process and operational expertise.
RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers.
The collaboration has the potential for revenue streams in the telecom, healthcare and agriculture while customers will benefit from operational efficiencies, profitability and new revenue streams by making use of data and analytics, the release stated.
A one per cent productivity gain for companies is estimated to create around $250 billion value over 15 years, across these key energy and infrastructure industries. The digital market is growing at a fast pace with IIoT contributing the highest growth at over 10 per cent. According to Gartner, there exists a market opportunity of over $25 billion by 2022 for IIoT solutions across the four key industries of oil & gas, power, healthcare and transportation.
''India's potential in driving the migration to digital is well appreciated. The partnership with
Reliance Industries will shape the future of the Industrial Internet not just in India but globally. The possibilities that it opens to develop solutions on our Predix platform for the industrial sector are endless,'' said Jeff Immelt, chairman and CEO of GE.
''India needs to rapidly move to the next level of smart manufacturing which leverages big data, algorithms, and sensor technology. The presence of ubiquitous high bandwidth connectivity and cloud services enabled by Jio will be a key enabler for the rapid growth of IIoT within India,'' said Mukesh Ambani, chairman and managing director of Reliance Industries Ltd.
''Indians have been in the forefront of creating smart and innovative solutions in a number of fields. It's time we brought smart manufacturing capability into India by providing value added IIoT solutions for the industry that will enable India's economic growth,'' Ambani added Digital solutions have the potential to save billions of dollars each year. Use of data as the fuel and analytics as the growth engine promises to drive disruptive and positive changes across the industrial landscape.
Predix, the operating system for the Industrial Internet, is powering digital industrial businesses that drive the global economy. By connecting industrial equipment, analyzing data, and delivering real-time insights, Predix-based apps are unleashing new levels of performance of both GE and non-GE assets.