According to a recent announcement, PTC has released its updated State of Industrial Innovation report, which portrays the development and adoption trends of innovative companies that are building Industrial IoT and augmented reality experiences for their end customers.
The inaugural ‘State of Industrial Innovation’ research report was released earlier this year as part of an ongoing series of market research and analysis conducted by PTC. The reports are designed to explore the robust and increasingly complex opportunities presented by the Industrial Internet of Things (IIoT) and augmented reality (AR) markets. Tapping into PTC’s 30 years of technology expertise, 30,000 global customers, and 1,000 technology and service partners, the series delivers actionable trends and insights across the entire Industrial IoT ecosystem.
Following the inaugural reports and building on findings from recent quarters, the new version includes the following insights:
- There is a significant market opportunity for companies looking to build Industrial IoT capabilities into their physical products or to provide Industrial IoT solutions to their end customers through new offerings, product interfaces, and service models.
- Industrial enterprises are keen to improve customer experiences, open up new revenue streams, and disrupt competition by leveraging new augmented reality capabilities for product and service differentiation.
Augmented Reality is Being Adopted Faster than Ever
With a significant increase in AR technology adoption, enterprises undergoing digital transformation cannot afford to wait. Whether for enhancing products, services, and solutions offered to customers or to drive operational excellence within the enterprise, AR has the potential to create significant economic disruption and impact.
Data collected for the report showed the majority of enterprises pursuing augmented reality are standing up projects and experiencing ROI within 12 months. This high pace of adoption represents both an opportunity and a disruptive threat.
“Augmented reality is happening now. Organizations are starting to jump in with both feet, knowing that ROI can be realized quickly and the window to leverage AR to differentiate is limited, as more companies add AR to physical products,” said Mike Campbell, EVP, Augmented Reality Products, PTC. “In compiling this report, we observed that pilots start with internal proofs of concept and quickly become deployed across multiple areas, including customer-facing product and service initiatives. Enterprises and consumers alike are on the verge of truly experiencing the transformative power of augmented reality.”
To download a full version of the AR report, click here.
Remote Monitoring, Maintenance and Service Build Use Cases for IIoT
Companies pursuing Industrial IoT primarily for external use tend to be much smaller in size. Large enterprises typically have large service networks and want to improve efficiency and productivity, where smaller companies are driven to increase market share and are hyper-focused on product and service differentiation required to attract and retain new customers.
Looking for early value, enterprises often pursue remote monitoring while innovating in parallel, utilizing this new capability as the foundation to then develop or identify new and unique use cases. The next step is typically to layer on machine learning and predictive analytics. This enables companies to predict failures before they happen and help customers optimize their use of a product. These service-oriented applications also enable discrete manufacturers to identify service opportunities that may otherwise be directed to a third party, conducted in-house by the customer, or addressed through emergency customer calls and escalations.
“IoT technologies can mean the difference between success and failure for industrial enterprises,” said Joe Biron, CTO, Internet of Things, PTC. “Ultimately, companies of all sizes are finding real business value in their IoT implementations, whether it be internally like in manufacturing operations or externally with service and maintenance. It is clear that enterprises must start their business model transformation today — preempting the agility and speed of market disruption.”
To download a full version of the IIoT report, click here.
Ken Briodagh is a writer and editor with more than a decade of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.Edited by
Ken Briodagh
