Joins Technology Leaders to Accelerate Innovation in Smart, Connected Products and Processes
NEEDHAM, Mass. & EXTON, Pa. — (BUSINESS WIRE) — June 16, 2014 — PTC® (Nasdaq: PTC) and ThingWorx™, a PTC business and leading Internet of Things (IoT) platform provider, today announced they have joined the Industrial Internet Consortium (IIC), an open membership group established to improve the integration between the physical and digital worlds in order to accelerate adoption of the Internet of Things.
PTC and ThingWorx, acquired by PTC in December 2013 for its award-winning platform for building and running IoT applications, join IBM, Cisco, GE, AT&T and other IoT leaders to develop a common blueprint that both machines and devices from all manufacturers can use to share and move data. The standards being created will help developers of hardware and software platforms to create products that are fully compatible with the Internet of Things.
Research firm Gartner estimates the installed base of the IoT will exceed 26 billion units worldwide by 2020, with the McKinsey Global Institute estimating the economic impact to be as much as $6.2 trillion by 2025. To capitalize on this massive opportunity, companies are seeking a new generation of technology solutions that will help them create, operate, and service smart, connected products. In addition, they need a platform to help them rapidly create the business applications that fully leverage a smart, connected world.
With PTC’s 28,000 global manufacturing customers and ThingWorx’s customers in the telecommunications, utilities, medical devices, agriculture, and transportation markets, these two companies are well positioned to help the IIC achieve its goals. Further, the companies bring to the group a unique perspective on what companies need in order to transform how they can create and exchange value with customers, ultimately creating long-term, sustainable competitive advantage.
“As the number of things connected to the Internet exceeds the number of humans on the planet, the demand for applications that can leverage this connectivity is increasing at an unimaginable pace,” said Rick Bullotta, chief technology officer, ThingWorx. “The IIC gives us the opportunity to collaborate with other leading technology companies to eliminate the friction that has impacted companies wanting to connect the physical world to people and systems. We look forward to being an active member of the IIC in order to help others capitalize on the market opportunity, leverage our teams’ deep expertise, and enable a new era of innovation in connected products.”
“We’re at the precipice of a major technological shift, where smart machines will communicate and connect in ways that will lead to transformational business outcomes,” said Dr. Richard Soley, executive director, Industrial Internet Consortium. “PTC and ThingWorx are joining a group of industry visionaries that will lead the change for adoption of the Industrial Internet. We look forward to working with them.”
About The Industrial Internet Consortium
The Industrial Internet Consortium is an open membership organization formed to accelerate the development, adoption and wide-spread use of interconnected machines and devices, intelligent analytics and people at work. Founded by AT&T, Cisco, General Electric, IBM and Intel in March 2014, the IIC catalyzes and coordinates the priorities and enabling technologies of the Industrial Internet. For more information, please visit www.iiconsortium.org.
About ThingWorx, a PTC Business
ThingWorx™, a PTC (Nasdaq: PTC) business, provides the first platform designed to efficiently build and run the applications of today’s connected world. ThingWorx’s model-based design and search-based intelligence simplifies application development efforts by minimizing cost and risk while accelerating time to value. The ThingWorx platform combines the key functionality of Web 2.0, search, and social collaboration, and applies it to the world of “things”, including connected products, machines, sensors, systems, and industrial equipment. Businesses use the ThingWorx® platform to rapidly deliver innovative applications and connected solutions across markets ranging from manufacturing, energy, and food, to Machine-to-Machine (M2M) remote monitoring and service, as well as in emerging Internet of Things applications, including smart cities, smart grid, agriculture, and transportation. For more information, please visit our website at www.thingworx.com and our blog at www.thingworx.com/blog or follow us on Twitter at @ThingWorx.
PTC) enables manufacturers to achieve sustained product and
service advantage. PTC's technology solutions help customers transform
the way they create, operate and service products for a smart,
connected, world. Founded in 1985, PTC employs approximately 6,000
professionals serving more than 28,000 businesses in rapidly-evolving,
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