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."