Competition

Freestyle Technology Wins USD5.8 Billion Contract for IoT

The popular Australian based start-up won a contract worth USD5.8 million in South Korea for Internet of Things

Australia: The Melbourne based company, Freestyle Technology recently unveiled details regarding a contract worth USD5.8 million to come up with water management solution Internet of Things (IoT) for South Korean county. The smart water meter technology system, as well as cloud-based software is likely to be installed in 24,000 residences, following a five-year deal with the Gochang municipality in southwest Korea.

As per Freestyle Chief Executive, Mohan Jesudason, “It is a major achievement for an early stage Australian technology company to be punching well above its weight in highly advanced and competitive markets.”

The newly deployed system in Gochang county would detect water leaks in all the 24,000 premises. Besides that, it would also automatically initiate to work out for a plan of action considering the environment and the current temperature of the surrounding.

As per the official of Freestyle Technology, “Customer service transforms to customer care where, for example, an alert is raised at the municipality if water consumption stops for the elderly living alone. The municipality responds with a customer visit.”

Freestyle technology also have its branch in South Korea, which is already running a trial of three IoT water management in various other councils of the country.

TechSci Research believes that the initiative being taken by Freestyle is expected to offer the people of South Korea with a new and enhanced IoT solution. Therefore, with such initiatives by other companies in coming years, the market of IoT would observe an upsurge in next five years.

According to a recent report published by TechSci Research, “Global Internet of Things (IoT) Services Market By Type (Professional and Managed Services), By Application (Manufacturing, Healthcare, Smart Homes and Buildings, Smart Cities, etc.), By Region, Competition Forecast and 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, on account of rising need to reduce costs and increasing demand for data analytics.


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