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PTC Inc PTC and Rockwell Automation have extended their long-serving business relationship by forging a new partnership to help manufacturing companies adopt Internet of Things (IoT) and augmented reality (AR) software.
As part of the agreement, Rockwell Automation will continue to resell PTC's ThingWorx IoT software, which includes the digital performance management manufacturing solution, as well as Vuforia AR software, to both new and existing customers in the discrete and process manufacturing sectors. This collaboration allows customers to benefit from the combined resources, technologies and industry expertise of both companies.
PTC's IoT and AR solutions provide asset monitoring, predictive maintenance and quality inspection service. The continued partnership between PTC and Rockwell Automation will help manufacturers to enhance efficiencies and productivity within their factories.
PTC Inc. Price and Consensus
PTC Inc. price-consensus-chart | PTC Inc. Quote
By extending their collaboration, PTC and Rockwell Automation aim to further support manufacturing companies in adopting IoT and AR technologies, enabling them to unlock new opportunities, optimize their operations and drive enhanced business outcomes in the ever-evolving manufacturing landscape.
PTC provides software solutions and services globally that aid manufacturing companies to design, operate, and manage products. The company’s solutions help industrial enterprises to enhance operational efficiency, accelerate product and service innovation, and boost workforce productivity.
Increasing spending by enterprises on emerging categories like IoT and AR/VR presents significant prospects for PTC. Per a report from Fortune Business Insights, the global IoT market is projected to grow from $662.2 billion in 2023 to $3,352.9 billion by 2030, registering a CAGR of 26.1%. The industry is likely to benefit from ongoing digitalization and growing demand for the Internet, added the report.
In fiscal 2022, product lifecycle management and computer-aided design revenues were $1.137 billion and $796 million, respectively.
At present, PTC carries a Zacks Rank #3 (Hold). Shares of PTC have gained 25.9% compared with the sub-industry’s growth of 26.3% in the past year.
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