PTC expands strategic partnership with Rockwell Automation

PTC Inc PTC and Rockwell Automation have extended their long-standing business relationship with a new partnership to help manufacturing companies implement 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 a digital manufacturing performance management solution, and 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, technology and industry knowledge of both companies.

PTC’s IoT and AR solutions provide asset monitoring, predictive maintenance and quality control. The ongoing partnership between PTC and Rockwell Automation will help manufacturers increase efficiency and productivity in their factories.

PTC Inc. Price and Consensus

PTC Inc. Price Consensus Chart | PTC Inc. Quote

By expanding their collaboration, PTC and Rockwell Automation aim to further support manufacturing companies in implementing IoT and AR technologies, enabling them to unlock new opportunities, optimize operations and achieve better business outcomes in an ever-changing manufacturing landscape.

PTC provides software solutions and services worldwide that help manufacturing companies design, operate and manage products. The company’s solutions help industrial companies increase operational efficiency, accelerate product and service innovation, and increase workforce productivity.

Increasing enterprise spending on new categories such as IoT and AR/VR creates significant prospects for PTC. According to a report by Fortune Business Insights, the global IoT market is expected to grow from $662.2 billion in 2023 to $3,352.9 billion by 2030, registering a CAGR of 26.1%. The report added that the industry is likely to benefit from increasing digitalization and growing demand for the Internet.

In fiscal year 2022, product lifecycle management and computer-aided design revenues were $1.137 billion and $796 million, respectively.

PTC currently carries a Zacks Rank #3 (Hold). PTC shares are up 25.9% compared to the sub-industry’s 26.3% gain last year.

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