You've probably heard about the Internet of Things, but what about the "Internet of really important things?" At GE, we describe this - our version of IoT - as the Industrial Internet.
Isn't GE known for Big Iron, rather than Big Data? While GE still very much is an industrial company - we build and operate the "things" that power and move the world - GE has also become a major software player.
If the last decade was about the consumer Internet, the next decade is going to be about the Industrial Internet - connecting machines with data and people to help them perform better, faster, more reliably and safely. The Industrial Internet is revolutionizing 21st century infrastructure. From energy and healthcare to transportation and manufacturing, all industries are being defined by intelligence and connectedness.
And when you think about industrial hubs and where this Industrial Internet activity is happening, the usual suspects come to mind: China in manufacturing and services, the U.S. and Germany in manufacturing automation and efficiency. You might not know that Israel is playing a serious role in this Industrial Internet revolution.
With more than 1,000 new startups founded each year and a tech sector that employs nearly 300,000 people, Israel's startup nation has produced interesting sources of innovation. Companies like Precog, Plataine, nJoin, Imubit, ICS2, Liola Tech and DeepSense are focused on optimizing industrial processes in power and manufacturing. The industrial cyber security sector in Israel has grown significantly too, with startups such as Indegy, CyberX, Waterfall, Scada Fence and Team8 building solutions to secure critical infrastructure.
The Israeli digital health sector is also booming, with over 250 digital health startups focused on redefining sensors, applications, big data, machine learning and AI. The rich and accessible medical records data in Israel is helping fuel this growth. HMOs such as Clalit, one of the largest in the world, brings bring 24 years of universal, longitudinal EMR data that startups can access in order to develop and test their solutions.
Traditional multinational companies are also choosing to tap local data science expertise. General Motors established an R&D center that creates and evaluates innovative applied concepts for future vehicles. Last year Samsung established an Israeli R&D center and invested in local health startups such as EarlySense Medical. ABB and Schneider Electric are also making capital investments in local startups. It's no surprise that GE too has a presence in the country.
To harness the wave of innovation in areas like big data, computer vision, cyber security and digital health taking over Israel, GE Digital recently established a both cyber lab and startup program for its industrial software platform Predix.
The time is right for this type of investment, because the modernization of industry is truly one of the biggest opportunities that exists today. Estimates expect 50 billion machines to get connected by 2020, boosting global GDP by as much as $15 trillion by 2030 through increased productivity growth. Everything is amplified on an industrial level. Bigger machines, bigger business, bigger opportunities.
Consider this: just a 1% gain in efficiency can equate to billions of dollars saved for industries like energy, transportation and healthcare - that's big. The Industrial Internet's impact on GE, our customers and the world will be tremendous.
This post is part of a series produced by The Huffington Post in conjunction with the Israel Dealmakers Summit 2016, the premier Israel-focused business event of the year representing a meticulously curated gathering of global corporations, investors, dealmakers and technology entrepreneurs converging from around the world during this exclusive two-day event in Silicon Valley. You may learn more at www.IsraelDealmakers.com.