Industry execs expect to see $163 billion of value created by 2020.

The Internet of Things will create significant value in the healthcare industry over the next few years if providers can figure out how to take advantage of it, according to a recent study by the consulting firm Accenture.

And while 73 percent of healthcare executives acknowledge the disruptive change on the horizon, only 49 percent think their organization’s leadership understands the ramifications of this new advance, according to a summary of the study in Healthcare IT News. The research pegs IoT’s value at $163 billion by 2020, with a compound annual growth rate of 38.1 percent between 2015 and 2020.

Healthcare companies have already started making investments in IoT technologies and programs, with the largest spending the greatest percentage of their budgets on IOT initiatives. Organizations who fail to capitalize on IOT may miss a host of benefits, the study says, including improved customer attraction and retention, and lower medical and administrative costs.

The Internet of Things is already here, the report concludes, and healthcare providers need to act now to take advantage of the opportunities it offers.

To find out more about how connected devices will transform healthcare delivery, go to the full article.