IoT (Internet of Things) is a rapidly growing industry. According to Forbes (read the story here), IoT growth rates from 2017 to 2021 are expected to reach 50% Compound Annual Growth Rate (CAGR), making IoT one of the fastest growing markets in recent times.
Traditional IoT systems have relied on network providers like Verizon, T Mobile AT&T and Sprint (cell carriers) or dedicated IoT network providers like SNET and Sigfox. These systems require that a fee be paid to each IoT device on the network. In addition, network obsolineses (2G to 3G, 3G to 4G, 4G to 5G) have caused entired deployed IoT fleets to go obsolete overnight – sometimes without warning.
Although the fees for IoT network services has fallen in recent times, it is unclear if these fees will remain low, or if it is just a result of large companies trying to buy market share in a effort to capture customers. Cell phone fees are many times IoT fees even though they both use the same network. In effect, cell phone users are subsidizing the IoT users. How long this subsidizing can go on it not clear. Even if they remain low, many application that could benefit from IoT, can not afford even these lower fees. For example, there are over 100 million tanks in the US alone, and less than 1/10th of 1% have any kind of monitoring system despite the fact that is common knowledge that delivery efficiency is less than 50%. IoT could raise this efficiency level to at least 90%, saving billions of dollars and tons of CO2 emissions.
Finish Line Product Development Services was hired by Tank Vision to engineer an IoT solution that did not require monthly network fees, and was completely within the control of the customer – no more obsolescence issues. The result of this work was new kind of IoT network solution, and US Patent # 10,197,428. Tank Vision is a rapidly growing startup that is disrupting the IoT world with this new technology.
This invention was largely resulted from Finish Line’s Savvy(TM) Product Development methodology and Finish Line’s ability to develop Full Stack hardware and software solutions. Most IoT product development companies can only combine existing technology together. Finish Line has this ability as well, and the ability to invent new technologies as well.
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