05 Aug REDtone expects IoT to contribute 5% profit in 3 yrs
REDtone International Bhd ( Financial Dashboard) expects its new business segment Internet of Things (IoT) to contribute at least 5% of its bottom line in three years.
Speaking to reporters after launching its first IoT application dubbed “CitiAct”, its managing director Datuk Wei Chuan Beng said there is good potential growth in IoT services with growing usage of IoT devices such as smartphones among Malaysians.
“IoT is set to enhance the way we live and work and in time to come, many things will somehow be connected to the Internet.
“As CitiSense provides ‘sensing-as-a-service’ to anyone who wants better insights into their connected assets, business and environment, it has the potential to appeal to many parties in addition to the local councils,” he added.
Wei said for citizens, the group wanted them to be part of making the city and the world a better and safer place to live.
He said the IoT offers REDtone’s latest managed value-added services and will provide new revenue streams for the group in financial year 2016 (FY16).
Wei said the group is targeting some 100,000 downloads within the first few months after the launch.
CitiAct is an application for Smart City, a citizen engagement application that is targeted at citizens and local councils.
Under the application, users can lodge complaints regarding community issues such as potholes, flash flood, crime, illegal parking and landslide to respective authorities.
In line with the launch, REDtone is offering a month trial for 151 local councils nationwide. Subsequently, a “reasonable charge” will be imposed on local councils.
Going forward, Wei said the group plans to expand their footprints in IoT to ASEAN countries in the next twelve months.
Source: The Edge