Forget the Internet of Things, here comes the Industrial Internet of Things

The concept of the the Internet of Things (IoT) is gradually taking hold in the consumer world, and now a new report is looking at how the same concepts can be applied in the business world too.

The so-called Industrial Internet of Things (IIoT) could see the emergence of new services and business models based on intelligent connected devices and machines, according to consultants Accenture, and could boost growth in mature markets. However, these gains are at risk because companies and governments are not taking sufficient action to see wide adoption of digital technologies, it warns. By 2030, capital investments in the IIoT and the productivity gains "that should follow" are expected to add $6.1tn to the US's cumulative GDP, Accenture said.