In a global partnership, two of the world’s largest conglomerates have come together to provide Internet of Things (IoT) solutions to various industries. Reliance Industries and General Electric will collaborate on a large scale.
In a first of its kind global partnership, Indian conglomerate Reliance Industries and American conglomerate General Electric are going to be building digital solutions for industrial use. Worth USD 25 billion, the deal was announced in a statement on November 17, by the Indian conglomerate.
“RIL and GE will work together to build out joint applications on GE’s Predix platform,” said a joint statement.
The partnership will provide industrial Internet of Things (IoT) solutions to customers in oil and gas, fertilizer, power, healthcare, telecom and other industries.
The services may also extend to other sectors such as telecom, healthcare and agriculture.
“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 and gas, fertiliser, power, healthcare, telecom and other industries,” the statement added.
IoT products are connected to the internet and can be operated from anywhere in this world using data connectivity. Remote locking of car, controlling function of CCTV, meter-reading are some examples of activities that IoT can support.
“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. It’s time we brought smart manufacturing capability to India by providing value added IIOT solutions for the industry that will enable India’s economic growth,” RIL Chairman and Managing Director, Mukesh Ambani said.
“GE will provide its Predix cloud offering, industrial internet applications and data science expertise and RIL will develop solutions on Predix as an Independent Software Vendor. Predix is an operating system from GE used for the industrial internet,” Indian media reported.
Through its nationwide connectivity infrastructure, Reliance will also offer 4G network of Jio to its customers. RIL will also develop solutions on Predix as an Independent Software Vendor (ISV). On the other hand, GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers.
“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,” GE Chairman and CEO, Jeff Immelt said. The potential for other revenue streams includes telecom, healthcare and agriculture, the statement said.
“A one per cent productivity gain for companies creates around USD 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 degree of growth at over 10 per cent,” it said.
Available data also shows of a market opportunity of over USD 25 billion by 2022 for IIoT solutions across the four key industries of oil & gas, power, healthcare and transportation.