The IoT market is exploding. A recent report revealed the global Internet of Things (IoT) market spend will grow from $625.2 billion in 2015 to $1.29 trillion in 2020 — with a compound annual growth rate (CAGR) of 15.6%. This week, Dell Chairman and CEO made news when he announced that his company would be setting up a new research and development division that will invest $1 billion in intelligent technology.
One driver behind IoT growing so rapidly happens to be because the technology works fluidly with many corners of the business world. An area where its impact is already being felt is in the healthcare field, specifically helping to protect our growing aging population. GTX Corp. (GTXO) is an award-winning company in the space that develops cost-efficient and wearable IoT technology that is improving the quality of life and safety for senior citizens.
The company is best known for their GPS Smartsole® product, which is a smartphone-connected GPS tracker embedded in the insole of a shoe, think Dr. Scholl’s meets Lojack. As Bloomberg reported earlier this month, over 45 million Americans will be caring for 117 million seniors by 2020, and even major players like retail giant Best Buy (BBY) are making significant investments to sell products and services that enable adults to remotely monitor their aging parents. This is exactly the type of technology that GTX specializes in.
Furthermore, the Bloomberg report estimates that remote monitoring for senior care alone represents a $50 billion market.
The timing could not be better for GTX, particularly as the company just released news stating that it will make their innovative GPS Smartsole – and the rest of their IoT devices – much more accessible. GTX just recently announced that they have completely revamped their online store, creating an easy-to-use e-commerce platform for all internet shoppers.
With the new and improved GTX shopping experience also comes lower product costs and additional service plans, offering customers flexible payment options. Most importantly, in combination with the new-look online store complete with user-friendly features and a feature-rich format, GTX is celebrating the rollout with a special offer: the first 100 SmartSole shoppers will receive a free pair of the company’s Sole Protectors, an adhesive insole liner designed specifically to protect the GPS SmartSole that also working to extend the life of the GPS tracker and adds an extra 2mm of Ortho-lite foam for extra cushioning.
A One-Stop Shop for Wearable GPS Technology
“We are excited to offer a new renovated shopping experience which will enable our customers to take full advantage of our GPS wander assistive technology,” Meghan Ravada, GTX Corp Community Relations Director, said. “We know caregiving can be challenging, so we strive to reduce stress for our customers and provide them with need-to-know purchase information as efficiently and effortlessly as possible.”
With more than 80 patents, GTX has a full suite of products available, so besides the SmartSole and the Sole Protector, customers can also purchase on the online store:
- Take Along Tracker 3G – a single miniature tracking and SOS device that allows for GPS capabilities, plus 2G, 3G, GSM, data and voice as well as a 3-way motion sensor.
- Track My Workforce – a mobile app allowing employers to monitor mobile employees like drivers and sales representatives through their Smartphone.
GTX’s simple to operate online store now puts acclaimed technology at the fingertips for any caregiver or family member looking to keep track of a loved one without the stigma of wearing an ankle bracelet.
“By embedding the electronic tracker inside an orthotic insole placed inside a shoe, most of the time people don’t even know it’s there,” CEO of GTX Patrick Bertagna explained. “You can monitor the whereabouts of that individual at all times as long as they have their shoes on, which is predominately every time they are out of their home or community. With just a touch of a button from your smartphone, you know exactly where they are. So, you don’t stigmatize the person or brand them by putting something on them. Nobody in the outside world knows if they have a tracking device on them, yet they’re being monitored 24-7.”
As alluded to above, GTX has received wide praise from a number of industries and organizations, including nominations in three separate categories for the 2017 Uppie Awards. Furthermore, GTX has previously been recognized as the Most Innovative Tracking & Recovery Technology winner in the 2017 Telecoms Awards, one of the 25 Most Empowering IoT Companies by 1IT Enterprise Magazine in 2016, and finished second only to Microsoft (MSFT) in the 2015 CTIA E-Tech Awards in the Wearables, Health, Fitness & Wellness category. The company’s GPS SmartSole is also being used in a George Mason University study on wandering among people suffering from Alzheimer’s and dementia.
An Example of IoT’s Amazing Reach
The IoT technology inside GTX’s wearables is not only good enough to protect our senior citizens or children with autism, but it is also good enough to protect our country’s armed servicemen and servicewomen. In late September, the company announced a brand-new contract with the Department of the Air Force, where GTX will be supplying specially-designed non-cellular GPS equipment used to monitor human and non-human assets in remote areas with poor cellular coverage. The devices designed for the Air Force at Edward Air Force Base by GTX are also fully encrypted and able to send latitude and longitude updates in real-time.
“Receiving our first sizeable military contract is a significant milestone for the Company and is a true testament to our teams’ collective years of experience and knowledge about the GPS tracking business,” Bertagna said in the company press. “We are deeply honored to have been awarded this contract and view this as a great opportunity to develop and deliver technology solutions that at the core are designed to help save lives. Edwards AFB conducts live ammunitions testing, and hence knowing where every person and asset are on the base in real time is of vital importance.”
The deal with the Air Force shows how malleable and diverse GTX’s IoT technology is for numerous industries. As evidence, the company’s revenues are starting to highlight the need for their groundbreaking technology. In the company’s second quarter results, product revenues increased 28% over a comparable period from last year, international subscribers grew by 37% and combined revenues rose 8%. Moreover, in August, GTX announced a number of key partnerships to further expand its reach. The company closed a deal with Veristride to incorporate gait variability tracking into GTX’s technology, which could help in fall risk detection and prevention, medication reaction, undetected stroke and early prediction of dementia.
It’s only logical to expect to see more out of this collaboration as falling continues to be a major problem for seniors, both at home and in community living facilities. Being able to accurately predict falls, strokes or early onset of dementia by wearing a smart non-intrusive footwear device can offer significant advancements in senior care and wellness.
GTX also partners with TruSense, which recently unveiled the first integrated smart home experience for seniors using sensor and GPS technology to discern the way a person lives. GTX’s SmartSole is included into TruSense’s online store. Similarly, GTX closed a deal with ORBCOMM Inc. (ORBC), a global leader in machine-to-machine solutions with a large customer base, to provide connectivity on the Verizon (VZ) nationwide network. ORBCOMM will also sell the SmartSole on their web platform and GTX will also have access to the wide-ranging Verizon sales channel.
“For the last two years, we’ve really focused on expanding distribution,” Bertagna said. “We have distributors throughout most of the first-world countries and service subscribers in 35 countries. We have a lot of distributors across Europe, Central and South America, and starting to expand into Asia and the Middle East, and even starting to get into Africa somewhat. So, we really believe in building our global distribution channels.”
With multiple global channel partners, patented and award-winning technology and a military contract, GTX is really starting to show its vertical potential. This is a company that continues to explore the growing IoT field and how their IP can improve the lives of consumers worldwide. We are expecting more exciting updates in the near future.
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