This is not your parent’s internet. The internet of things (IoT) is the biggest thing to hit the internet since the invention of the internet, and the COVID-19 pandemic has helped solidify its place in our lives.
The IoT encompasses all things connected to and sharing information via the internet. It has revolutionized how devices communicate with each other and changed day-to-day living for millions of users. From the car you drive to your appliances and smartwatch, digital connectivity has transformed what was once a trend into a lifestyle.
On a global scale, IoT connectivity has triggered what is being called the fourth industrial revolution, and virtually no sector will be left untouched. Already, you can see the technology at work in manufacturing processes, transportation and logistics, utilities, and within the energy sector.
The need to distance socially may have accelerated the need for IoT-connected devices; however, as we advance, expect to see this burgeoning technology feature heavily in areas such as healthcare, work-from-home solutions, retail outlets, and even smart cities.
TraceSafe has leveraged IoT technology into a suite of advanced, real-time location management and contract tracing solutions. Their technology has already been deployed in several key sectors as businesses and governments struggled to manage COVID-19 contact tracing. However, the applications for this technology don’t end there.
State-of-the-art, low-power, Bluetooth-enabled beacons are what is behind TraceSafe’s innovative, wearable technology. The sensors are compact enough to be incorporated into a wristband yet robust enough to offer enterprise-level functionality.
The contract tracing and safety solutions require no input from the wearers – no app to download or login required – and all information collected is stored anonymously on TraceSafe’s cloud-based platform using top-level encryption. Administrators have complete control, with the ability to assign users and access while maintaining strict privacy controls.
After the technology proved invaluable to governments and hard-hit cruise lines throughout the pandemic, TraceSafe is currently diversifying its product lines for deployment in other valuable markets. The location management technology is now fueling smarter, more connected enterprises, workplaces, industries, and educational institutions.
In addition to tracing contacts, the TraceSafe platform can be used to manage employee hours, track assets in real-time, facilitate contactless payment, enable room key access, and work as a ticketing platform for large-scale venue events.
TraceSafe technology has been fundamental to the safe reopening of economies across the globe in a post-COVID-19 environment; however, investors should be really excited about the future applications of this technology.
The value of TraceSafe technology has already been established, with government partnerships for deployment in mission-critical quarantine applications and several substantial contracts with key industries worldwide.
And now the company has received International Organization for Standardization (ISO) 27001 certification for the production, development, design, sales, and support of IoT-based solutions, including hardware, cloud, and mobile applications.
ISO 27001 certification is the international gold standard when it comes to data protection. It is the only auditable standard dealing with information security, and many Fortune 500 companies will only deal with software providers who are ISO 27001 compliant. In receiving the certification, TraceSafe is gaining access to a much larger and more lucrative market.
“ISO 27001 certification helps our customers be comfortable moving forward with our solution, knowing our privacy and security practices adhere to the strictest international standards,” said Marcin Samiec, TraceSafe’s Chief Privacy Officer. “As a company that processes vast amounts of data using cutting-edge technology, it was important that we built systems, processes, and tools that protect the confidentiality, integrity, and availability of information.”
Important milestones should be observed, and on September 14, 2021, TraceSafe had a million reasons to celebrate: the company officially sold their one-millionth IoT device.
TraceSafe is a prime example of how COVID-19 has fueled a digital transformation, in this case driving contact tracing IoT devices from a nascent trend into an enterprise-level technology. As we enter a post-COVID-19 market, demand for enterprise wearables is expected to continue climbing, particularly as companies like TraceSafe work to make the technology more accessible.
According to a 2020 report, global demand for enterprise wearables is predicted to grow at a CAGR of over 41% through 2025. This anticipated growth in IoT wearables will cement IoT technology’s role in the future of operational efficiency, performance, and safety.
As a company, TraceSafe has been very successful in making the transition to the platform-as-a-service (PaaS) business model. Its product lines can be tailored to meet specific enterprise requirements, offering clients full control over the look, feel, and function of both the hardware and software. Customizable solutions and the PaaS model have allowed TraceSafe to comfortably increase its devices’ selling price, which now also generate recurring monthly service fees.
The platform currently processes over 15 million contacts per day – and this number is growing. Achieving over one million in devices sold underscores TraceSafe’s ability to meet the demands of large, multinational enterprises and lays the groundwork for continued success on a global scale.
Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.