Data source: GE.
And it's not just that companies will save money with the Industrial Internet. Many companies that build equipment and software for the Industrial Internet could see huge rewards. Spending on the Industrial Internet could hit $500 billion worldwide by 2020, and some estimates say it could hit $15 trillion by 2030.
These estimates and examples are far more than just pie-in-the-sky dreams. Large and small companies all over the world are already experiencing the benefits of Industrial Internet technologies, and that's only going to grow. As the cost of sensors continues to decline and more companies see the value in upgrading their existing systems to more efficient, connected ones, the Industrial Internet will soon become more commonplace than unconnected machinery.
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The article The Industrial Internet, Simplified originally appeared on Fool.com.
Chris Neiger has no position in any stocks mentioned. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days . We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy .
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