ANSYS ANSS recently announced that Innoviz Technologies is utilizing the company’s simulation software solutions to advance work on automotive-grade LiDAR sensors.
Israel-based Innoviz specializes in manufacturing of LiDAR sensors for the development of autonomous vehicles. Some of the company’s most notable product offerings include InnovizOne, InnovizTwo and Perception Software.
Utilizing ANSYS solutions, Innoviz also has been able to reduce the time for development and slash costs. Innoviz has been utilizing Ansys Fluent, Ansys Mechanical, Ansys Maxwell and Zemax simulation software offerings for advancing LiDAR technology.
With the help of these solutions, Innoviz was able to integrate components into a single chip with minimum design reiterations to come up with a more efficient LiDAR system and at a lower cost, added ANSYS.
ANSYS, Inc. Price and Consensus
ANSYS simulation solutions have enabled Innoviz to lower product development by two full design cycles over one and a half years, resulting in significant cost savings, further noted the company.
The Popularity of Autonomous Vehicles Bodes Well
ANSYS holds a leading position in the high-end design simulation software market. The company offers simulation solutions for developing next-generation 5G product designs, autonomous vehicles, thinner and more reliable mobile and Internet of Things (“IoT”) products as well as high-performance chips for advanced driver assistance systems (ADAS).
Per Grand View Research data, the simulation software market is projected to reach $33.9 billion by 2028 at a CAGR of 17.1% between 2021 and 2028, with the automotive segment being the largest end-user.
The growing demand for simulation software in the automotive vertical can be attributed to the transition to electric and autonomous vehicles, added the report.
One of the biggest reasons for the development of autonomous vehicles is to reduce severe car crashes, which are often caused by human error, as noted by ANSYS citing a study from the U.S. Department of Transportation's National Highway Traffic Safety Administration.
Safety of Autonomous vehicle largely stems from on the sensing capability of components like radars and LiDARs, added ANSYS. LiDAR is emerging as an indispensable component of autonomous vehicles as it can greatly improve detection and identification of road conditions and the location of objects and thereby improve road safety.
ANSYS’ simulation software portfolio is likely to help the manufacturers of autonomous vehicles to test their designs and boost road-safety while lowering costs.
Zacks Rank and Stocks to Consider
At present, ANSYS carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include Salesforce CRM, Hewlett Packard HPE and Microsoft MSFT. While Salesforce and Hewlett Packard sport a Zacks Rank #1 (Strong Buy), Microsoft carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Salesforce’s fiscal 2022 earnings is pegged at $4.68 per share, up 6.4% in the past 60 days. The long-term earnings growth rate of the company is pegged at 16.8%.
Salesforce’s earnings beat the Zacks Consensus Estimate in all of the preceding four quarters, the average surprise being 44.2%. Shares of the company have increased 14.8% in the past year.
The Zacks Consensus Estimate for Hewlett Packard’s fiscal 2022 earnings is pegged at $2.03 per share, unchanged in the past 60 days. The long-term earnings growth rate of the company is pegged at 5.8%.
Hewlett Packard’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 14.4%. Shares of the company have rallied 39.8% in the past year.
The Zacks Consensus Estimate for Microsoft’s fiscal 2022 earnsings is pegged at $9.13 per share. The long-term earnings growth rate of the company is pegged at 12%.
Microsoft’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 14.8%. Shares of the company have surged 55.1% in the past year.
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