Security door and lock maker Allegion (NYSE: ALLE) and industrial conglomerates Honeywell International (NASDAQ: HON) and Roper Technologies (NYSE: ROP) are not the first companies that spring to investors' minds when thinking about technology companies. But the key to the investment case for all three stocks lies in the technology under development. As such, investors in this space should take a look.
The industrial giant's management intends to become a "software industrial". It wants to get there by the continued rollout of its analytical software platform, Honeywell Forge. The platform enables industrial companies to transform their operations digitally.
For example, building owners can use Honeywell Forge to combine a mass of digital data gathered from the building and produce actionable insights to improve building efficiency and meet carbon emissions goals. This is the so-called "smart building" concept. It's similar to enhancing the performance of a retail warehouse or an airplane.
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3 Under-the-Radar Technology Stocks to Buy for 2022 and Beyond