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New GE Report Finds That Industrial Internet Could Add Trillions To Global GDP

The report showcases both industry waste and the Industrial Internet opportunity:

HEALTHCARE

  • The global cost of healthcare inefficiency is at least $731 billion per year
  • A 1 percent improvement in efficiency would lead to $63 billion global healthcare savings over 15 years.

ENERGY

  • Globally, $1.9 trillion is spent on energy annually
  • Just a 1% savings per year in power generation is equal to $20 billion annually; $300 billion in over 15 years

TRANSPORTATION

  • Globally, transportation logistics costs are estimated to be $6 trillion per year, or approximately 10% of global GDP. The commercial transportation system accounts for $300 billion of this total
  • Industrial Internet applications can reduce commercial transportation asset and operations management costs by 10 percent, yielding $5.6 billion per year in savings
  • The total cost of waste in airline operations today is $284 billion per year
  • In the aviation industry, a 1% reduction in jet fuel use from the Industrial Internet could yield about $30 billion in fuel savings over 15 years.

For more information please view the full report at http://www.gereports.com/meeting-of-minds-and-machines/

About the authors:

Marco Annunziata

Chief Economist, GE

Marco Annunziata is the chief economist and executive director of global market insight at General Electric Co., responsible for global economic, financial and market analysis to support GE's business strategy. The author of "The Economics of the Financial Crisis," Annunziata is a member of the European Central Bank's Shadow Council and the European Council of Economists. Before joining GE in 2011, he was chief economist at UniCredit and chief economist for Eastern Europe, the Middle East and Africa at Deutsche Bank in London. Prior to Deutsche Bank, he spent six years at the International Monetary Fund, splitting his time between emerging markets and the euro zone. At the IMF, Annunziata was involved in regular consultations with the Italian government, the Bank of Italy, the European Central Bank and the European Commission, and took part in loan negotiations in several European and Latin American emerging economies. He holds a Ph.D. in economics from Princeton University and a B.A. from the University of Bologna.

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