Industrial IoT and AR: From Tech to Watch to Critical Investment; Data Shows in New Research Series
When looking to the future, it is hard to underestimate the impact of the Internet of Things (IoT) and augmented reality (AR). The hype surrounding both continues to build as industry analyst firms, such as Forrester, Gartner, and PWC, routinely identify both as technologies that enterprises should begin to assess and implement. While the potential value of both is well recognized, it is important to understand specifically how and why organizations are driving value today.
The Inaugural State of Industrial Internet of Things & Augmented Reality Research Series
PTC's Industrial Innovation Research series is aimed at providing a data-driven, objective view into the current state and future plans of adoption for IoT and AR. By conducting primary research on PTC's customer base, both report series draw on the largest numbers of Industrial IoT and AR adopters in the world. Each report provides a data-driven view into the industries leading adoption, the functions and use cases being deployed across the value chain, and the types of business value generated.
Given the rapidly evolving nature of both markets, the "State of Industrial Innovation" series will be published twice a year to provide a current assessment of each market. As the technologies, business models, and value surrounding IoT and AR continue to mature, there are sure to be sequential trends in adoption. This report series will provide an up to date, data-driven view as value continues to be unlocked across the value chain.
In these inaugural reports, PTC's analysis indicates the following trends:
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.
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.
Rocky Jung is a senior corporate marketing analyst for PTC. He is a seasoned market research analyst having held a number of positions throughout corporate strategy, corporate development, and corporate marketing. Rocky is a proud graduate of Virginia Commonwealth University and is an avid Ultimate Frisbee player.