Eighty Percent of Executives Managing IoT and AR Strategies Expect the Tech to Become Industry Standard Within Five Years
IoT-AR Solutions Enable Smarter Decisions Through Context-Specific Data in a Single View
BOSTON–(BUSINESS WIRE)–#AR—PTC (NASDAQ: PTC) and Boston Consulting Group (BCG) have published the results of a new survey of more than 200 executives from companies using Internet of Things (IoT) and/or augmented reality (AR) solutions. The report, entitled “Unleashing the Power of Data with IoT and Augmented Reality,” found that fifty percent of survey respondents have already demonstrated the value of using IoT and AR, while more than eighty percent of the companies surveyed believe the technology will become the standard in their industry within five years.
“We are pleased to see how early IoT adopters are now implementing AR solutions to capture more value, and we look forward to continuing to help our customers on the progression of their digital transformation initiatives,” said Jim Heppelmann, president and CEO, PTC.
The report looks at the value of IoT-AR solutions across more than 30 industrial, design, device management, organizational structure, and investment return use cases. It also provides an in-depth analysis of both a service parts repair scenario and a warehouse setting, displaying how a combined IoT-AR solution can augment, enhance, and revolutionize process management.
Employee connectivity and remote collaboration are especially critical during the COVID-19 crisis, when industrial companies must enable offsite and on-site employees to collaborate and maintain business continuity. IoT and AR can augment those efforts. To help organizations realize the benefits of AR during the COVID-19 crisis, PTC is offering versions of its Vuforia® Chalk™ remote experience software to manufacturing organizations free of charge for a limited time.
“This report provides a full-scale look at the benefits that can be derived from IoT-AR integration,” said Zia Yusuf, managing director and senior partner of Internet of Things projects, BCG. “We believe that the results of our survey and the findings of the report make clear that the integration of both technologies is crucial to achieving success in this highly digitized environment.”
To read the report and learn more about how AR can help unlock the full potential of IoT, click here. For an enhanced viewing experience, download the IoT+AR app by BCG and PTC from the App Store or Google Play.
About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact.
To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.
About PTC (NASDAQ: PTC)
PTC enables global manufacturers to realize double-digit impact with software that accelerates product and service innovation, improves operational efficiency, and increases workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don’t just imagine a better world, we enable it.
PTC, Vuforia, Chalk, and the PTC logo are trademarks or registered trademarks of PTC Inc. and/or its subsidiaries in the United States and other countries.