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Nokia expands Internet of Things portfolio, acquires SpaceTime Insight

Global Internet of Things (IoT) Services Market

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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