Avnet, Inc. (NYSE:T) recently announced its cloud-based software platform and a host of connectivity solutions to assist organizations develop Internet of Things (IoT) related products and services.
The scalable platform known as IoTConnect leverages Microsoft (NYSE:T) Azure’s hybrid cloud computing for data distribution and analysis across cloud-based and on-premise storage systems. The platform and solutions are capable of providing analytical and cognitive solutions, machine learning and artificial intelligence (AI). The combination of IoTConnect with Azure will enable users to deploy a variety of applications and services using a range of tools and frameworks.
Avnet also announced a Sound Capture Platform along with Aaware. It will assist Avnet’s MiniZed Zynq SoC development platform in improving sound capturing performance for AI applications in smart home, robotics and industrial IoT markets.
Notably, both the IoTConnect platform and the voice interface technology will be showcased at The International Consumer Electronics Show (CES) 2018, between Jan 9 and Jan 12 in Las Vegas.
Avnet in IoT
In the past year, Avnet has been trying to use its resources to make investments in embedded solutions, IoT and critical digital platforms, as well as expand its footprint in newer markets.
Per a recent article by Forbes, the IoT market is anticipated to grow from $157 billion in 2016 to $457 billion by 2020, at a CAGR of 28.5%. The IoT platform is anticipated to include billions of connected devices and systems, with applications ranging from sensors and mobile devices to home appliances and cars.
In December 2017, the company announced a wide range of Internet of Things (IoT) services for the entire lifecycle of related products. These enhanced services will be assisting consumers with designing to delivery of IoT products.
Apart from launching its own IoT based solutions, Avnet in an attempt to enhance its capabilities in the field has entered into several partnerships, including the likes of AT&T (NYSE:T) , and carried out acquisitions such as that of Dragon Innovation, Premier Farnell and Hackster.io.
We believe that with the collaborations, acquisitions and enhanced solutions portfolio, Avnet is well poised to enjoy the projected growth of the IoT market. This in turn will prove to be beneficial for the company’s top line.
Zacks Rank and Stock to Consider
Avnet has a Zacks Rank #3 (Hold).
A better-ranked stock in the sector is NVIDIA Corporation (NASDAQ:NVDA) , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term expected EPS growth rate for NVIDIA is projected to be 10.25%.
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