TORONTO, ON--(Marketwired - February 02, 2017) - Internet of Things Inc. (TSX VENTURE: ITT) ("IoT Inc." or the "Company"), an IoT software and solutions provider, is pleased to announce its updated strategy to focus on the large and growing industrial IoT market opportunity in China.
Over the last few years, Chinese industries have gone through a massive transition from reliance on low cost labour to implementing manufacturing efficiencies through advanced technologies. IoT technology will likely help China's industrial sector grow significantly over the coming years, producing an estimated cumulative growth for China's GDP of US$1.8 trillion by 2030, according to a recent Accenture report.
"When we're talking about industrial IoT, the Chinese marketplace represents an unprecedented opportunity," said ITT President & CEO Michael Frank. "That is why we are forging partnerships through our global network to bring leading edge IoT products and services to market in China."
ITT especially sees substantial market demand for solutions assisting with factory automation and plant floor control systems, security and surveillance, process control, inventory management, employee safety and related areas.
"We're excited about the significant potential of the industrial sector for IoT," Frank explained. "China is on a mission to modernize and improve employee safety and productivity in its workforce. The managers of these operations are looking at automation to remain competitive in a global economy. IoT technology and the wide range of solutions that we can provide will assist them in achieving these goals."
ITT aims to reach its goals partly through distribution and sales partnerships. As well, the Company is relying on technology initiatives with companies, universities and research institutes in the US, Canada and Israel. These partners will develop solutions that are in high demand in China.
"While we're already making good progress in these areas, we are also seeking out additional partners and customers." Frank added, "We expect in the coming months to enter into a strategic partnership that will solidify our position in China's industrial IOT sector."
About Internet of Things Inc. (TSX VENTURE: ITT)
Internet of Things Inc. (www.iotintl.com) is an IoT software and solutions provider that acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture and transportation. ITT has its headquarters in Toronto, Canada.