Research by management consulting and technology services company Accenture says that the Industrial Internet of Things has the potential to add more than US$10 trillion to the global economy by 2030
Industrial Internet of Things
Research by management consulting and technology services company Accenture says that the Industrial Internet of Things has the potential to add more than US$10 trillion to the global economy by 2030

The Industrial Internet of Things could contribute more than US$10 trillion to the global economy by 2030, according to recent findings by consultancy Accenture.

The Accenture report entitled “Winning with the Industrial Internet of Things” recognises the important role that embedded software is playing in creating a foundation for new growth.

The Accenture stresses that “embedded software will become more crucial to manufacturers’ ability to compete. Without it and the engineering know-how to sustain it, companies will not be able to develop the products and services needed to enable new opportunities, while satisfying existing demand.”

The technology services company suggests that in order for manufacturers to take full advantage of Industrial Internet of Things (IIoT), companies, utilities and manufacturers/suppliers will need to adopt a strategy based on understanding that as their businesses develop and mature, opportunities and challenges in the IIoT sector will change accordingly.

Accenture proposes a four-stage process to open businesses up to new opportunities as they develop. Embedded software is poised to play a critical role throughout.

Embedded software critical to IIoT growth

The four stages include operational efficiency, for the enabling of connected and intelligent devices and machines.

Industrial technology companies can for example, provide utilities with advanced smart grid solutions and services focused on data management and systems integration that will improve its energy efficiency and grid reliability.

Secondly, embedded software also gives rise to new functionalities and that can boost innovation (new products and services) – also reducing time to market.

Thirdly, Accenture notes that embedded software allows a connected, intelligent enterprise to sense its needs and those of its customers (the outcome economy) and finally, autonomous control and automation – the stage where the Industrial Internet of Things involves “engaging fully automated manufacturing, driven by embedded software”.