IIoT could boost GDP by $15 trillion, though data barriers remain: The Industrial Internet of Things (IIoT) is set to spark mindblowing levels of global GDP growth over the coming years if industry can overcome significant barriers around data. – by Donal Power – Tags: iiot – http://readwrite.com/2016/11/01/iiot-boost-gdp-15-trillion-though-data-barriers-remain-il4/
IIoT consists of connected sensors and devices that produce streams of data from industrial machines.
Bit Stew Systems recently commissioned a survey of top IT executives on their readiness for the IIoT revolution. Of those surveyed, 80% saw the top benefits of IIoT technology as enhanced operating efficiency and uptime.
Other key IIoT benefits identified by senior IT execs were: workplace knowledge transfer; better uptime; enhanced operating costs; and better asset performance management.
Yet despite these benefits, the survey found that 70% of surveyed firms are only in the planning phase of integrating IIoT technology. Conversely, just 30% of early adopters were already using the technology.
And though the road to IIoT riches beckons, it is not without major challenges as industry transitions to new connected technology.