SpaceTime help companies predict the health of their assets
Nokia (NOK) recently acquired SpaceTime Insight as part of its effort to strengthen its IoT (Internet of Things) business. SpaceTime is a California-based startup that provides artificial intelligence (or AI) software solutions to the enterprise IoT market. The startup also operates offices in Canada, Britain, Japan, and India.
Nokia noted that SpaceTime Insight’s software solutions enable users to predict asset health with a high degree of accuracy. As a result, users can optimize operations and reduce costs and risks.
Some of the world’s largest transportation and energy companies rely on SpaceTime Insight’s solutions to increase operational efficiency and reduce service outages. SpaceTime sells its solutions to asset-intensive industries, and its customers include FedEx (FDX), Entergy (ETR), and NextEra Energy (NEE).
Nokia looking to expand its portfolio of IoT offerings
Nokia is banking on SpaceTime Insight’s advanced IoT and AI-powered analytics technologies to accelerate the development of its portfolio of IoT applications for key vertical markets. These verticals include logistics, transportation, and energy.
$344 billion in IoT revenues by 2025
The IoT market presents an enormous revenue opportunity for Nokia. The worldwide IoT market is poised to generate $344.0 billion in annual revenues by 2025, according to Strategy Analytics. The worldwide IoT market generated revenues of $152.0 billion in 2016 from the sale of IoT hardware, IoT software, and services.