Trimble ( TRMB Quick Quote TRMB - Free Report) is leaving no stone unturned to expand the geospatial portfolio on the back of robust solutions and partnerships.
This is evident from the company’s latest alliance with Worldsensing, a provider of wireless connectivity technology and geotechnical Internet of Things (IoT) solutions.
On the back of this partnership, Trimble included a geotechnical portfolio backed by Worldsensing to the geospatial automated monitoring portfolio.
The company’s geotechnical portfolio — which comprises wireless geotechnical sensors and data loggers, gateway, configuration software as well as accessories — is anticipated to be available in July 2021.
Geotechnical IoT solutions will enable customers to provide solutions to a wide range of projects and have access to both product lines from a single source, resulting in faster and easier deployment.
The latest move is likely to help the company gain solid traction across survey, geotechnical and structural engineers. This in turn will drive growth in the geospatial segment. Notably, this particular segment contributed 20.5% to fiscal first-quarter 2021 revenues. Segment revenues increased 24.3% year over year.
Expanding Geospatial Market
The geospatial market has been rapidly growing in recent times as it has created a fundamental change in the operational strategies for survey, engineering, and geographic information system (GIS) service companies, governments, utilities, civil and rail authorities as well as other industries.
Increased adoption of artificial intelligence and machine learning based GIS solutions, growing deployment of IoT sensors across various locations, advancement in big data analytics along with the development of smart cities are key factors contributing to this market’s expansion.
According to the WBOC
report, the global geospatial solutions market is expected to reach $332 billion by 2027 from $199 billion in 2020, registering a CAGR of 7.5% between 2021 and 2027.
The company remains well positioned to capitalize on the abovementioned prospects on the back of robust geospatial portfolio including integrated sensors, field applications, real-time communications and office software.
Expanding Product Portfolio
The latest strategy bodes well for Trimble’s growing focus toward strengthening the product portfolio.
Apart from the latest move, the company unveiled a new solution, Trimble Vegetation Manager, which provides better management operations in vegetation and various solutions for cutting operating expenses as well as improving safety, regulatory compliance, performance, and reliability of electric transmission and distribution infrastructure.
In addition, the company introduced an advanced machine navigation solution, Trimble GuidEx Machine Guidance System, which enables efficient and faster guide machines along route corridors as well as specific target areas.
Moreover, the company teamed up with Horsch to develop autonomy solutions in the agriculture market. The collaboration is intended to build a future for autonomous machines and workflows in the industry.
We believe that Trimble’s expanding product portfolio will continue to aid its performance across the end markets operated by the company.
Zacks Rank & Stocks to Consider
Currently, Trimble carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include
Carrier Global Corporation( CARR Quick Quote CARR - Free Report) , Flex Ltd. ( FLEX Quick Quote FLEX - Free Report) and KLA Corporation ( KLAC Quick Quote KLAC - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Long-term earnings growth rates for Carrier Global, Flex, and KLA Corp. are currently projected at 13.4%, 11.4% and 14%, respectively.
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