Sprint Corp (NYSE:S) And Inseego Corp (NASDAQ:INSG) reported a new strategic association designed to offer highly specialized IoT offerings for large enterprise verticals. The association has already led in a project to install its Ctrack asset tracking SaaS system with a major U.S. based airline operator.
IDC Research projects that by 2021, international IoT spending is projected to total almost $1.1 trillion as enterprise firms continue to invest in the software, hardware, connectivity and services that support the IoT. An analysis suggests that merely airport facilities automation will experience a CAGR of 33%. The IoT will be a major enabler for different operational enhancements within airports from preventative maintenance of GSE to an overall improved passenger experience. GSEs exhibit a rising market with an estimated valuation of $25 billion by 2022, in which each asset will need connectivity as the digital change continues to evolve.
As per the terms of the deal, Sprint and Inseego will collaborate on the advancement of specialized solutions for former firm’s Enterprise IoT accounts. The target industry verticals comprise Aviation, Logistics, Manufacturing and Transportation. A study demonstrates two-thirds of firms in these sectors are planning to use or using IoT-supported asset monitoring solutions.
Dan Mondor, the CEO of Inseego, expressed that they are thrilled to associate with Sprint as they launch this new strategic association. Their common objective is to help major enterprises automate workflows with specialized and secure IoT solutions that support data-driven decision making.
The market for Enterprise IoT prevails now and Inseego’s offerings for certain Industrial applications are advanced from the ground up to enhance asset utilization and business activities. They envision the association to grow to comprise Inseego’s next generation IoT devices as well as business intelligence cloud platforms supported by 5G broadband know-how. The timing of Sprint and Inseego deal couldn’t be better.