NEEDHAM, Mass.--(BUSINESS WIRE)--PTC (NASDAQ: PTC) today announced the release of its bi-annual “State of Industrial Innovation” research report series. Based on data gathered from PTC’s customer base, the series provides a data-driven, objective view into the current state and future plans for the adoption of Industrial Internet of Things (IoT) and augmented reality (AR) technologies. Each report provides a glimpse into the industries driving adoption, the functions and use cases being deployed across the value chain, and the types of business value generated.
“As the technologies and business models surrounding the Industrial IoT and AR continue to mature, there are sure to be sequential trends in adoption,” said Mike Campbell, EVP, ThingWorx Platform, PTC. “PTC’s combination of market experience and access to an extensive volume of adoption data enable a truly comprehensive view of the state of these rapidly evolving markets.”
As cited in “The State of the Industrial Internet of Things” and “The State of Industrial Augmented Reality” reports, Industrial IoT and AR are no longer just emerging technologies to watch. Investing in these technologies has become the critical strategy for many organizations in 2018, particularly those in industries that have complex manufacturing and operational processes. Of PTC customers that have adopted Industrial IoT or AR technologies, 83 percent using Industrial IoT and 85 percent using AR had already transitioned, or plan to transition, their deployments to full-scale production environments within the next 12 months.
Highlights from the reports include:
The State of the Industrial Internet of Things
1. Industrial IoT adoption is currently dominated by large product manufacturers in industries such as industrial products (25 percent), electronic and high-tech (22 percent) automotive (13 percent), and aerospace and defense (11 percent).
2. The economic potential of the Industrial IoT has garnered the attention of the international communities and led to global initiatives aimed at fostering the growth of Industrial IoT worldwide.
3. A majority of applications in use today apply to manufacturing and operations (48 percent), where the data collected can be used to refine processes, predict maintenance requirements, and increase overall operational effectiveness.
4. The Industrial IoT is no longer an emerging technology - it has arrived. Industrial IoT deployments are in production today, across functions from product development through manufacturing and service.
The State of Industrial Augmented Reality
1. Industries such as industrial products (21 percent), automotive (11 percent), and aerospace and defense (8 percent) are leading the way in early AR adoption.
2. AR has broad applicability to all functions of the value chain, and especially service (19 percent) and manufacturing (18 percent).
3. The application of AR to serve as a powerful instruction and guidance tool is providing an entry point for many organizations, particularly those industries that are defined by hundreds of vital processes, such as real-time monitoring and increasing overall equipment effectiveness (OEE).
4. AR adoption is reaching a critical tipping point, spurred on by massive investments into the underlying hardware and software technologies that are enabling a rapid transition of pilot projects into full production environments.
- The State of Industrial Innovation Research Series
- Harvard Business Review: “Why Every Organization Needs an AR Strategy,” authored by PTC CEO Jim Heppelmann and Harvard Professor Michael Porter
About PTC (NASDAQ: PTC)
PTC helps companies around the world reinvent the way they design, manufacture, operate, and service things in and for a smart, connected world. In 1986 we revolutionized digital 3D design, and in 1998 were first to market with Internet-based product lifecycle management. Today, our leading industrial innovation platform and field-proven solutions enable you to unlock value at the convergence of the physical and digital worlds. With PTC, manufacturers and an ecosystem of partners and developers can capitalize on the promise of the Internet of Things and augmented reality technology today and drive the future of innovation.
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