Davos, Jan.21, 2015: According to fresh research by Accenture Plc., the Industrial Internet of Things (IIoT) could contribute as much as $14.2 trillion to the global economy in thenext 15 years.
But the multinational management firm sounded a note of caution, saying such potential gains were at risk because neither companies nor governments were taking sufficient actions to put in place the conditions necessary for the wide adoption of new digital technologies.
The IIoT enables new digital services and business models based on intelligent connected devices and machines. The Accenture report titled, ‘Winning with the Industrial Internet of Things’, went on to say that by 2030, capital investments in the IIoT and the productivity gains that should follow were expected to add $6.1 trillion to the United States’ cumulative GDP.
Germany could lift its cumulative GDP by $700 billion by 2030 by taking similar additional actions, raising its GDP in 2030 by 1.7 per cent. The UK could increase GDP by $531billion by 2030, raising its GDP in 2030 by 1.8 per cent over trend projections.
China looks set to see greater economic gains from the IIoT than Russia, India or Brazil. With IIoT-enhanced measures in place, China could lift cumulative GDP by $1.8 trillion by 2030, raising its GDP in 2030 by 1.3 per cent over trend projections.
Paul Daugherty, Chief Technology Officer, Accenture, told UK’s The Telegraph that companies were not yet ready to “take advantage” of this development, “which could slow the opportunity in real life.”
Mr Daugherty added that this topic, and how it relates to global economic growth, was likely to be the focus of much discussion at the World Economic Forum in Davos this week.
Top honchos from Accenture are scheduled to address two sessions on January 21 & 23 at Davos on the IIoT.
Image Credit: Accenture
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