ABB Ltd. (ABB) has recently disclosed that it will be joining the Industrial Internet Consortium (“IIC”), a non-profit group, for fostering the development of Industrial Internet by defining and setting up global standards as well as outlining the best practices in the industry.
Industrial Internet is a program for integrating the advanced machines and systems with related sensors and software. Big data analytics, machine learning and Internet of Things are the key components of such programs.
Presently, IIC includes over 100 organizations consisting of members across industry, academia and government. Beginning 2015, ABB will become a member of IIC in order to contribute to the Industrial Internet market in collaboration with other technology peers. Once the global standards of the Industrial Internet are set, the end-users will emerge as the key beneficiaries as it is expected to significantly enhance efficiency and drive their sales, while also checking costs by optimal usage of resources.
ABB boasts significant expertise in developing Industrial Internet programs by efficiently integrating its systems for communication and control along with the industrial sensors. Such programs are useful for customers as data-based insights can critically enhance the operational efficiency across various industries including oil and gas, mining, robotics as well as marine, chemical and paper companies. The company has also been developing an Industrial Internet program for a German initiative named Industry 4.0 that is designed to make manufacturing processes more computerized.
Per a research report from Accenture plc (ACN) and General Electric Company (GE), the demand for Industrial Internet is expected to increase significantly in the year ahead. Moreover, they believe that Industrial Internet has the potential to generate trillions of dollars in revenues. As such, organizations across the world are investing in Industrial Internet programs to gain a competitive edge over their peers.
ABB is a leading power and automation technology company mainly providing services to global utility and industrial customers. The company has a decade-long experience of providing distributed control solutions. As per a survey report by ARC Advisory Group, ABB’s distributed control solutions including System 800xA holds the leading position in the global market.
ABB currently has a Zacks Rank #3 (Hold). A better-ranked stock that can be considered at present is Pioneer Power Solutions, Inc. (PPSI) which sports a Zacks Rank #1 (Strong Buy).
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