A factory-floor robot tasked with filling peanut butter jars is on the fritz. The manufacturer dispatches a technician by plane to figure out what's wrong. But until she is on hand to identify the problem and prescribe a fix, the peanut butter idles on the assembly line, delayed on its way to market. What if that same technician could diagnose and repair the robot without ever leaving her office? And what if, a week earlier, the robot had let the technician know that it needed maintenance?

That opportunity exists right now, thanks to the Industrial Internet of Things, which refers to robots and machinery networked with sensors and software. The idea is this: “Smart" factory and assembly-line machines transmitting real-time data to technicians, executives and salespeople aren’t only more efficient, but also require less maintenance downtime and may reduce product-manufacturing costs—all of which could translate to lower prices at point-of-sale.

While the IIoT is by no means a fixture of today's assembly lines, interest is high among manufacturers surveyed by Morgan Stanley. Many expressed plans to increase spending on the technology, and the potential for growth in the coming years is strong.