The latest barrage of hype around the internet of things and industrial IoT comes from Accenture, which recently released a study estimating the economic value created by IIoT to reach $15 trillion globally by 2030.
Frank Gillett, vice president and principal analyst at Forrester Research, said there is reality behind the hype. It's not enough to just put sensors on a new compressor, Gillett says: "What companies are hoping for is that they can get to a higher level where they have an opportunity to rethink their products."
Richard Mark Soley, executive director of the Industrial Internet Consortium, based in Needham, Mass., added that IIoT companies hold great promise for the United States, which has seen its manufacturing base shrink considerably since the 1980s. "We can bring a lot of that industry back," Soley said.