ITC Infotech, the full-service provider of technology solutions and a fully-owned subsidiary of ITC Ltd, has strengthened its long-standing collaboration with PTC, a leading global software company, to offer the industry’s most advanced and widely adopted Augmented Reality solutions using PTC’ world-class AR platform Vuforia. PTC helps companies design, manufacture, operate, and service things in a smart, connected world.
As PTC’s first Vuforia managed services provider and a member of PTC Vuforia’s Preferred Developer Program (PDP), ITC Infotech will drive adoption of PTC’s world-class Augmented Reality (AR) Vuforia technology platform by delivering high-fidelity Vuforia solutions to unlock value across global enterprises.
Augmented Reality is emerging as one of the most sought after technologies among enterprises today. Michael E. Porter, Harvard University, and James E. Heppelmann, PTC’s CEO envisaged the growing significance of AR in an article in The Harvard Business Review, November-December 2017 edition entitled “AR will become the new interface between humans and machines.” According to authors of the article, “Pioneering organizations are already implementing it in product development, manufacturing, logistics, marketing, service, and training—and are seeing major gains in quality and productivity”.
AR bridges the digital and physical worlds to create value across an enterprise. The value AR applications deliver rises exponentially when coupled with IoT data and analytics, rendering truly transformative experiences and driving enterprises to completely re-imagine how they design, produce, sell, operate and service their products.
Barry F. Cohen, Ph.D., Chief Strategy Officer and Executive VP, PTC, adds, “The potential for AR technology is significant across all industries, with market growth rates in high double-digits. As our trusted partner for over 17 years, we are pleased to see ITC become our first Vuforia services partner and join the Vuforia Preferred Developer Program. We are confident that ITC will deliver AR solutions that enable customers to unlock value across their businesses, leveraging their industry expertise and proficiency in the PTC product suite.”
According to International Data Corporation’ (IDC) Worldwide Semiannual Augmented and Virtual Reality Spending Guide, worldwide spending on augmented reality and virtual reality (AR/VR) is expected to reach $17.8 billion in 2018, with an estimated five year annually compounded growth rate (CAGR) of 98.8% during 2017-2021. PTC is well-positioned to lead this growth with its world-class Vuforia technology that enables enterprises to develop and adopt AR solutions to drive superior customer experiences and transform business performance.
Commenting on the collaboration, Sushma Rajagopalan, Managing Director & Chief Executive Officer, ITC Infotech, said, “AR will revolutionize the way we connect and interact with products and systems. We have the first mover advantage in bringing PTC’s world-class AR Vuforia technology to market. As an extension of our on-going investments in developing AR solutions, ITC Infotech is delighted to partner with PTC in leading the way for faster adoption of Augmented Reality solutions in the industry. We are accelerating AR solutions development focus to create value at scale.”
As a PTC Preferred Development Partner for Vuforia, ITC Infotech will work closely with PTC’s global developer community to create AR solutions across such industries such as manufacturing, automotive, industrial, retail, consumer goods, healthcare and hospitality. ITC Infotech and PTC plan to develop joint go-to-market strategies to accelerate enterprise adoption of AR technologies leveraging PTC’s ThingWorx Co-Innovation labs and digital solutions Innoruption Labs.