PTC’s user conference in Boston last week (LiveWorx17 ) covered a lot of ground — everything from Creo to Windchill to augmented reality (AR), but the focus of the event was PTC announcing the launch of its newest version of ThingWorx Industrial Internet of Things (IoT) platform – ThingWorx 8. According to the company, with this update, ThingWorx evolves into a more robust, comprehensive industrial IoT (IIoT) technology offering. PTC also announced a new lineup of ThingWorx-powered apps for the manufacturing environment, as well as ThingWorx Studio support for native authoring and publishing of AR experiences for Microsoft HoloLens.
Interestingly, PTC’s VP of Corporate Communications, Jack McAvoy said that two of this year’s three main messages for LiveWorx17 revolved around ThingWorx as more than a platform and the evolving ThingWorx ecosystem through physical/digital convergence.
PTC’s foray into IoT got a big boost about four years ago when it acquired ThingWorx, creators of a platform for building and running applications for the Internet of Things (IoT), for about $112 million. The acquisition of ThingWorx immediately positioned PTC as a major player in the emerging Internet of Things era.
According to a research report, Disruptive technologies: Advances that will transform life, business, and the global economy from the McKinsey Global Institute, the Internet of Things has the potential to create economic impact of $2.7 trillion to $6.2 trillion annually by 2025. The firm believes perhaps 80 to 100 percent of all manufacturing could be using Internet of Things applications by then, leading to potential economic impact of $900 billion to $2.3 trillion, largely from productivity gains. For example, with increasingly sophisticated Internet of Things technologies becoming available, companies can not only track the flow of products or keep track of physical assets, but they can also manage the performance of individual machines and systems.