According to a study from Tata Consultancy Services,
Across the board, those companies investing in IoT are reporting significant revenue increases as a result of IoT initiatives with an average increase of 15.6 percent in 2014. Almost one in ten (9 percent) saw a rise of at least 30 percent in revenue.
If you have been following IoT here on CADplace or elsewhere in the news, this result should not be a surprise. On one hand, IoT platforms like Thingworx dramatically reduce the time and the cost to invest in IoT applications; and multiple solutions exist for enabling legacy, field-deployed equipment. On the other hand, the cost savings from a connected product infrastructure, especially the initial pay-off in field services and support, can be important to your company's bottom line.
Of course, it is not just about cost-savings and efficiencies - even if those topics are critical. Internet of Things capabilities and the execution of IoT strategies will change your company and change the way you compete. And a big part of this will be changing what you sell and how you sell it. CADplace presents our video of Michael Porter, the master of competitive strategy, together with Jim Heppelmann in this article from Liveworx 2015.
Development is easier thanks to new tools and products to enable legacy equipment. The acceleration of ioT development has been studied by Evans Data Corporation and they have found that approximately one quarter of developers in North America and in Asia have IoT development in progress. Europe is lagging behind at 17% according to the data from EDC.
None the less, German manufacturing companies are experts in industrial technologies and the Germans are pushing "Industry 4.0", their version of IoT for manufacturing. And a French company, SigFox, has a communications technology that provides low-cost IoT connectivity for extremely large numbers of devices. Their ability to dramatically lower the costs of deployment parallel other solutions to dramatically lower the costs of application development. The combination has the potential to accelerate IoT adoption and the evolution of the market.
CADplace has been following PTC's developments in this area and have covered their Thingworx division. In our video of Thingworx founder, Russ Fadel, he describes the vision the company had from the start and why the Internet of Things needs a platform like Thingworx to deliver millions and millions of software applications in a very short time.