Reliance Industries (RIL) and GE formed a partnership to offer industrial IoT (Internet of Things) solutions to global enterprises.
RIL and GE will provide industrial IoT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries.
The addressable market of industrial IoT is worth over $25 billion globally.
Jeff Immelt, chairman and CEO of GE and Mukesh Ambani, chairman and managing director of Reliance Industries signed the IoT deal.
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). In addition, RIL will offer connectivity infrastructure to customers through a 4G network powered by Jio. GE will offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture.
The digital market is growing at a fast pace with IIOT growing at over 10 percent. 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 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. 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,” said Mukesh Ambani, chairman and managing director of Reliance Industries.
