Physical SoA is evolving, enterprise is next

研报英文原文证据摘录

Physical SoA is evolving, enterprise is next

Macquarie Equity Research Hitachi

Progress in physical AI

SoR/SoE/SoI/SoA framework

Following the AI disruption narrative and subsequent valuation compression across global IT

services, software, and consulting sectors, we believe investors are increasingly recognising

that such disruption is unlikely to materialise in Japan, given relatively low enterprise AI

penetration, limited in-house IT capabilities, and continued reliance on external technology

partners. We expect AI adoption in Japan to be channelled through incumbent system

integrators and SaaS vendors.

We assess potential AI beneficiaries through a framework comprising Systems of Record

(SoR), Systems of Engagement (SoE), Systems of Insight (SoI), and Systems of Action

(SoA). While value creation historically centred on building and modernising SoR, we believe

the industry is entering a new phase in which AI enables the deployment of SoA.

We believe the same framework can be applied to Physical AI. As robot foundation models,

simulation platforms, and computing infrastructure mature, industrial AI is evolving beyond

data collection and analytics towards Physical SoA, where AI autonomously optimises and

controls real-world assets. Japanese industrial companies, having accumulated extensive

Physical SoR, SoE, and SoI assets through investments in automation, IoT, MES, and digital

twins, appear well positioned to benefit from this transition.

Figure 3 - Physical SoR/SoE/SoI/SoA in AI

Source: Macquarie Research, July 2026

Hitachi Energy

We believe Hitachi Energy has established a strong foundation of Physical SoR, SoE and SoI

through its installed asset base, operational data and domain expertise. The next stage is