The Industrial Internet of Things (IIoT) may contribute US$14.2 trillion to world output by 2030, according to newly released research by Accenture.
These gains are at risk as no concrete steps are being taken by enterprises or governments to ensure wide adoption of new digital technologies.
The Industrial Internet of Things (IIoT) is especially expected to increase growth in mature markets and by 2030 it will add US$6.1 trillion to the United States' cumulative GDP.
This figure can reach up to US$7.1 trillion by 2030 if the U.S. were to invest 50 percent more in IIoT technologies and improve supporting factors, such as its skills and broadband networks.
"The full economic potential of IIoT will only be achieved if companies move beyond using digital technology to make efficiency gains alone and unlock the value of data to create new markets and revenue streams," said Paul Daugherty, chief technology officer, Accenture. "That means radically changing how they do business: working with competitors, forming partnerships with other industries, redesigning organisational structures and investing in new skills and talent."
Impact on other nations
Germany can take similar actions to lift its cumulative GDP by US$700 billion and the UK could increase its GDP by US$531 billion by 2030.
China may benefit more from IIoT than Russia, India or Brazil and can lift its cumulative GDP by US$1.8 trillion by 2030.
Findings of the report indicate that 73 percent of companies have yet to make concrete plans for the IIoT, and only seven percent has developed a comprehensive strategy with investments to match.
Accenture recommends companies to redesign their organisations, partnerships and operations in order to scale the adoption of the Industrial Internet of Things.
Companies should also establish interoperability and security standards to ensure data can be shared with confidence between companies. Moreover, they should set up new organisational structures to allow workers to more effectively collaborate with counterparts in partner companies.
Sign up for Computerworld eNewsletters.