Investments Increase for the Internet of Things From GE and More

By Matt Paulson December 16, 2013

More companies, including General Electric, are investing in the concept of an Internet of Things, where devices and appliances around all communicate with one another for maximum productivity and connectivity.

Imagine a car that uses Wi-Fi to make an appointment with the mechanic once the check engine light comes on, or a refrigerator that monitors what's inside and allows you to order the groceries that you'll need. Already this is revolutionizing the way people buy things, and investors are taking notice.

According to Forbes, General Electric set aside $1 billion dollars last year to work on what's called the Industrial Internet. This network utilizes the concept of an Internet of Things by integrating equipment for maximum efficiency in hospitals, airports, rail systems, power plants and factories. Even small changes in these industries have a huge impact, and GE estimates that this system could add $15 trillion to the global GDP by 2030.

When a healthcare system's equipment is all linked together through the Internet, it streamlines patient services similar to a hyper-efficient traffic control system. Instant notifications of status changes could reduce equipment costs by up to 30 percent, and shave off an hour of wasted staff time each shift.

Industrial settings are not the only ones to be rocked by an interconnected network of hardware. Soon, your own living room may become the control room for home automation. Already, programs like Netflix use complicated algorithms to make custom-tailored suggestions for your favorite TV shows and movies, but an integrated home system could mean that the doorbell would open up a picture-in-picture camera view of who's at the front door, and a press of the remote could unlock the door as you get up to invite them in.

The Xbox One is one look into the concept of integrated sports, television, gaming and movies into one platform, but soon such a device could also handle security, groceries and even medical emergencies if the house detects an issue. The automated world of The Jetsons may not be too far in the future, enveloping residential, industrial, and commercial aspects with smart devices.

Edited by Rachel Ramsey

IoTevolutionworld Contributing Writer

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