ORLANDO, Fla., Sept. 16, 2019 (GLOBE NEWSWIRE) -- It starts ever so quietly, a new phrase uttered only by the earliest adopters or those lucky enough to come across the trend. As the pattern expands, heads start to turn and the bold and the careful start to take a look. As the Internet of Things enters the common square gaining widespread adoption and appreciation, early innovators like IGEN Networks Corporation (OTCQB:IGEN) (CSE:IGN) and their unique efforts in the massive automotive market within the Internet of Things may be rewarded.
The Internet of Things is a system of interrelated computing devices, mechanical and digital machines, objects, even living things that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Everything is connected, working together to improve efficiency or the experience. Here are a few examples.
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet of Things cloud-based services that include stolen vehicle protection, real-time updates on asset health and driver behavior.
Some analysts see a massive, massive market. In fact, Googling forecasts from four or five years ago shows that the then-bold predictions weren’t far off. Now, an analytical firm believes that the Internet of Things market could hit $189 billion by 2023. What is very interesting is that the same firm believes that “The major drivers leading to the growth of the IoT Professional Services Market are the proliferation of connected devices across the globe and the requirement for highly customized IoT professional services in the industrial and transportation sectors.”
IGEN’s efforts in the Automotive sector of the Internet of Things are growing. In fact, recent Q2 unaudited financials show real traction:
- Achieved revenue of $198,481 with $113,383 of gross profits and sales backlog of $168,000 for the three months
- Achieved revenue of $443,878 with $326,757 of gross profits and sales backlog of $168,000 for the first six months of 2019
- Gross profit margin increased by 28% to 74% compared to the first six months of 2018
- Net loss of $194,123 for the six months; compared to Net loss of $631,584 over the same
IGEN’s CEO is on the record stating that through “transition to higher-margin business through insurance companies, credit unions, and direct channels to dealerships and ultimately the consumer, we see a path to profitability.”
If they can continue to execute and expand, land larger B2B accounts, IGEN Networks Corporation could prove to be an interesting ride in one of the more lucrative sectors in the Internet of Things.
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