Nokia has recently acquired SpaceTime Insight
to expand the company’s Internet of Things (IoT) portfolio and IoT analytics
capabilities. The acquisition is expected to deliver high-value IoT
applications and services to Nokia’s customers
United
States: Nokia recently release a statement saying the company has acquired
SpaceTime Insight, a California-based start-up to expand its Internet of Things
(IoT) portfolio and IoT analytics capabilities.
The California-based start-up
provides machine learning-powered analytics and IoT applications for the
world's largest transportation, energy and utilities organizations, like,
FedEx, NextEra Energy, Union Pacific Railroad, and Singapore Power. The company
has offices in India, Canada, UK and Japan.
The machine learning models
of SpaceTime Insight are specifically designed for asset-intensive industries
and aid in predicting asset health with high accuracy and optimize operations.
This helps the customers in cost-cutting, increasing operational efficiencies
and reducing service outages.
Nokia believes
the acquisition will hasten the delivery of high-value IoT applications and
services to its existing as well as potential customers. The President of
Nokia Software, in a statement said the acquisition of SpaceTime by Nokia
Software is I line with the company’s strategy to deliver a new class of
intelligent solutions to meet the demands of an increasingly smart and interconnected
world. This will alow both the companies to aid customers in realizing the full
potential of their processes and assets, thereby allowing a rich and world-class
digital experience.
SpaceTime Insight’s addition
to Nokia will also widen its capability of delivering advanced applications for
various key markets, like energy, logistics, transportation and utilities.
According
to TechSci Research, Internet of Things (IoT) is
a continuous connected network system of embedded devices which allow communication
without any human intervention. The services used to support essential features
and components of IoT network are known as IoT services. The Global IoT
services market has witnessed substantial growth over the past few years, due
to the growing technological advancements, increasing initiatives for
automating processes, and a flourishing consumer electronics industry. Additionally,
the increased adoption of Bring Your Own Device (BYOD) concept, rising smart transportation
system market and rapidly growing volume of data generating the need for data
analytics is expected to propel the growth of the global IoT services market in
the coming years.
According to the recently
published report by TechSci Research, “Global Internet of Things (IoT) Services Market,
By Type, By Application, By Region, Competition Forecast & Opportunities,
2011 - 2021”, Global
IoT services market is projected to exhibit a CAGR of over 24% during
2016-2021, owing to rising internet and smartphone penetration, growing
Industrial IoT (IIoT) adoption, coupled with increasing number of smart city
projects across various countries. Managed services dominated global IoT
services market in 2015 and the trend is anticipated to continue during the
forecast period as well, owing to increasing number of government initiatives
towards digitization and increasing IT spending on security services. Although,
high demand for IoT services across the globe is emanating from healthcare,
smart homes & buildings, smart cities, etc., manufacturing segment
dominated global IoT services market in 2015, because of rising need to reduce
costs and increasing demand for data analytics.
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