For the fifth year running, software vendor PTC has been named global leader and "Best in Class" supplier for its augmented reality (AR) solution, Vuforia, in PAC's (Pierre Audoin Consultants) Innovation Radar report. The full report, entitled "Open Digital Platforms for the Industrial World 2023", is available at here.
- For the fifth year running, PTC was awarded "Best in Class" in the Functional Expertise and Market Seating categories.
- PTC's Vuforia suite of augmented reality solutions is described as "the market-leading platform for connected workers today".
- The PAC Radar report points out that no other supplier has such an extensive portfolio of solutions to cover so many different use cases with such a wide range of technical levels, and to solve critical challenges in the industrial sector.
This "Best in Class" award in the Functional Expertise ("Competence") and Market Strength ("Market Strength") categories validates PTC's ability to best serve users in the augmented reality market.
Vuforia, PTC's augmented reality offering, supports use cases related to manufacturing, inspection and quality control, training, as well as service and maintenance.
The study evaluated suppliers of AR solutions for connected workers on the basis of two criteria: functional expertise and market footing. According to the report, PTC garnered positive feedback, highlighting the quality of its portfolio based on customer references, its strategic choice to expand industrial AR use cases and technologies, and its strong presence in the European market.
"Giving industrial operators access to the latest digital technologies - easy-to-use tools that integrate seamlessly with existing systems - is PTC Vuforia's forte, said Arnold Vogt, senior analyst and author of the report.. In this context, Vuforia Step Check is a perfect example. It incorporates easy-to-train AI models that facilitate visual inspection procedures. By displaying color-coded graphical elements in real time, operators can instantly see whether the inspected products conform to expectations, and document non-conformity where appropriate."
This recognition as a global leader for the fifth year running reflects our commitment and investment in the continuous improvement of our solutions," said JJ Lechleiter, General Manager of Vuforia at PTC. Our customers are seeing quantifiable results, and we're seeing significant growth in the number of users leveraging our integrated AR solutions."
PTC organizes the succession of its CEO
PTC announced on July 26, 2023 that Neil Barua, President of PTC's Service Lifecycle Management business, will be named President and CEO of PTC at the company's annual meeting of shareholders in February 2024, succeeding James Heppelmann. On that date, James Heppelmann will step down as CEO and retire, after 26 years with the company, 13 of which as CEO. James Heppelmann has already been appointed Chairman of the Board of Directors, and Mr. Barua has been appointed Chief Executive Officer-elect and member of the PTC Board of Directors.
Neil Barua has extensive experience in the tech sector and a proven track record in business development. He is the former CEO of ServiceMax, a recognized leader in product-centric, cloud-based field service management software, which PTC acquired in January 2023. Following the acquisition, Neil Barua led PTC's Service Lifecycle Management business until his appointment as CEO-elect. Prior to that, he was an operating partner at Silver Lake, a global leader in technology investment. Earlier in his career, Neil Barua was CEO of IPC Systems, a global provider of specialized technology solutions to the financial services community.