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PTC's Vuforia AR Suite Adopted by BID Group to Drive Growth

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PTC Inc. (PTC - Free Report) recently announced that the Vuforia Chalk remote experience software has been selected by BID Group to advance its digital transformation strategy.

Notably, BID Group, which provides innovative wood processing solutions, will leverage Vuforia Chalk remote experience software’s AR capabilities to enable its remote service teams to provide real-time assistance for customers.

Prior to this, BID Group implemented PTC’s ThingWorx Industrial IoT (IIoT) Platform, which enables customers to improve productivity, increase throughput, and improve efficiency of the manufacturing process. The company has also deployed the Vuforia Studio and Vuforia Expert Capture AR products to enhance frontline worker efficiency, safety, and agility.

The solid traction for PTC’s Vuforia suite highlights the strength of the company’s AR offerings and is expected to drive revenue growth in the quarters ahead.

PTC Inc. Price and Consensus

Growing Adoption of Solutions Bodes Well

PTC enjoys popularity among industry players owing to a solid portfolio of offerings. Moreover, the company is focused on strengthening its portfolio through product roll outs and updates.

Recently, PTC announced the upcoming release of the latest version of ThingWorx IIoT platform known as ThingWorx 9.0. This update adds new features to the original ThingWorx that are designed to ramp up IIoT deployment across the enterprise value chain. This, in turn, will help customers improve manufacturing operations and reduce costs.

Moreover, in April, the company announced the launch of Vuforia Spatial Toolbox which enables developers to solve spatial computing problems in an efficient manner. Notably, customers will be able to leverage IIoT and spatial computing to drive their digital transformation initiatives.

These robust enhancements are driving adoption of the company’s offerings and are likely to benefit the company’s performance in the coming days. Markedly, PTC’s have solutions have been adopted by tire manufacturer, Sumitomo Rubber, to improve the efficiency of its tire production process.

Notably, in the second fiscal quarter, PTC’s came in at $359.6 million, which improved 23.8% year over year driven by solid AR and IoT bookings. This momentum is likely to continue due to rapid digital transformation taking place across all industries which will generate demand for the company’s offerings.

Further, the growing clout of PTC’s solution is expected to solidify its presence is the IIoT space, which per Markets and Markets data is likely to witness a CAGR of 7.4% between 2020 and 2025. Based on the company’s advanced capabilities, PTC is well poised to gain from this robust growth prospect going forward.

Zacks Rank

Currently, PTC carries a Zacks Rank #3 (Hold).

Chegg, Inc. (CHGG - Free Report) , Dropbox, Inc. (DBX - Free Report) and Fastly, Inc. (FSLY - Free Report) are some better-ranked stocks worth considering in the broader computer and technology sector, each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Long-term earnings growth rate for Chegg, Dropbox and Fastly is pegged at 30%, 32.5% and 25%, respectively.

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