Accruent and Synchronoss announce Strategic Partnership to deliver IoT solutions for highly dynamic environments

AUSTIN: Synchronoss Technologies Inc., which is the leader and innovator of cloud, messaging, digital and Internet of Things (IoT) products has entered in a partnership with Accruent LLC, world's leading provider of IoT solutions. The collaboration will combine Synchronoss’ ‘Insights’ platform with Accruent's ‘vx Observe’ IoT asset monitoring software. This strategic partnership will provide valuable insights along with efficiencies to enterprises across facilities. Both the companies are set to bring together the strengths of their IoT software products by combining their analytical capabilities, asset control and workflow integration to inject automated business intelligence into operations.

Chief Product Officer and CMO, Synchronoss stated that, “The huge amount of data produced today by IoT devices is virtually useless unless analytics and machine learning are applied to make sense of it all. Combining Synchronoss’ ability to manage large-scale analytics capabilities with Accruent’s deep knowledge of physical resource management will allow enterprises across the globe to realize the potential of a truly ‘smart’ building and leverage their IoT-enabled assets.”

Chief Revenue Officer, Accruent said that, “Accruent and Synchronoss bring together expertise in facilities and asset management, high-volume analytics, workflow integration and credibility in the communications industry to help organizations solve business problems that had only partial solutions in the past.” “Together we can deliver solutions to help our customers overcome their operational challenges and optimize their built environment, allowing them to extract maximum value from their assets and focus on their serving customers and delivering value to shareholders,” he added.

According to TechSci Research, the partnership of Accruent LLC and Synchronoss Technologies Inc. would allow them to use enterprise IoT solutions to meet the challenges in highly dynamic environments. Additionally, this move would also enable both the companies to leverage their expertise and to strengthen their market position. According to a Microsoft’s 2019 IoT Signals survey, more than 50% of respondents indicated the rapid adoption of IoT technology in need to optimize their operations. Accruent's ‘vx Observe’ IoT software monitors assets at more than 25,000 locations worldwide and on the other hand, Synchronoss provides IoT platform support for services providers, telecom operators and system integrators across the globe by providing real-time analytics of full building data.

According to the report published by TechSci Research, “Australia Internet of Things (IoT) Market, By Platform (Network Management, Application Management & Others), By Component (Hardware, Services & Software), By Application (Consumer Electronics, Building & Home Automation, etc.), Competition, Forecast & Opportunities, 2024”, the Australia Internet of Things (IoT) market stood at $ 7.9 billion in 2018 and is projected to cross $ 25 billion by 2024 by exhibiting a CAGR of 21% on account of rising demand for smart devices, growing government initiatives and rise in demand for analytics. Moreover, increasing penetration of IoT in various applications like consumer electronics, building & home automation, connected logistics etc., is further pushing its demand in the country. Additionally, surge in cloud platform adoption, advent of advanced data analytics and development of wireless networking technologies is likely to propel Australia Internet of Things (IoT) market during forecast period.

According to another report published by TechSci Research, “Global IoT Engineering Services Market, By Service (Product Engineering, Cloud Engineering, Experience Engineering, Security Engineering & Others), By End User Sector, By Region, Competition Forecast & Opportunities, 2013 – 2023,” the global IoT engineering services market stood at $ 8.9 billion in 2017, and is projected to surpass $ 30 billion by 2023 by witnessing a CAGR of 23%, backed by expanding market of smart and connected devices and ongoing Industrial IoT adoption. Growing demand for IoT engineering services for various activities such as security, maintenance, analytics, product engineering, etc., as well as rising focus on operational efficiency enhancement and risk mitigation across critical sectors such as manufacturing, energy & utilities, government and healthcare are expected to positively influence the global IoT engineering services market during forecast period.