Global investment in the Industrial Internet of Things is said to reach US $500 billion by 2020.
Accenture's new report says this represents a 2,400 percent increase from the US $20 billion spent in 2012.
The Industrial Internet of Things will digitize certain tasks and workflow, especially repetitive jobs that, up until now, have resisted automation.
This will offer significant opportunities for growth of digital services, and in order to tap these, companies should look for skills in data science, software development, hardware engineering, testing, operations, marketing and sales.
"For those companies looking to build a more innovative mousetrap - a new product-service hybrid that will completely revolutionize their company or industry - now is the time to harness the emerging Industrial Internet of Things to identify new growth opportunities and, with the right vision and leadership, turn them into reality," said Paul Daugherty, chief technology officer, Accenture.
Hiring right professionals
Accenture's suggests companies to hire professionals who can learn and handle new ways of doing things once tasks and workflow is digitized in an organization.
Companies should also leverage sensor-driven computing, industrial analytics and intelligent machine applications to benefit from the Industrial Internet of Things.
In addition, they must combine enterprise and machine-generated data to create new monetization opportunities.
Report says enterprises introducing automation and more flexible production techniques to manufacturing can boost productivity by 30 percent.
Predictive maintenance of assets can save companies up to 12 percent over scheduled repairs; can reduce overall maintenance costs by 30 percent and can eliminate breakdowns by 70 percent.
"Industrial companies have long supplemented their product revenues with services," said Daugherty. "But innovators, companies that understand that every business is a digital business, are using this technology to create product-service hybrids that provide new growth opportunities and pave the way for pioneering the next generation of industrial products."