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.

Big Data AnalyticsiIot could boost GDP by $15T