IMS Blog

CBC News Profiles Waterloo-based Internet of Things Leaders

It’s no longer a secret: Waterloo, Ontario, is rapidly emerging as one of the world’s leading high-technology centers. There, several companies are working to advance the Internet of Things (IoT) market, which aims to make life easier through connectivity. Recently, CBC News profiled several of Waterloo’s fastest-growing IoT firms.

There’s no denying the promise of the Internet of Things: according to research firm IDC, in the next three years the market will be worth $6.5 billion in Canada alone. The IoT is all about convenience – it’s a washer that sends a message to your smartphone when the laundry is done. But it’s also a vehicle that sends information about your driving behavior to your insurance company, helping them determine a more accurate premium for you.

Several Waterloo-based companies are at the vanguard of the IoT movement. The city’s association with high tech emerged during the heady BlackBerry days, but today there are several other firms ready to eclipse the former smartphone giant.

One of those companies is Terepac, which designs and develops sensors that help sailboat owners keep on top of their craft’s maintenance and keep in touch with the marina through notifications. In essence, it’s about using connectivity to keep people safe, particularly when they’re out on the water.

IMS, another Waterloo-based firm, is also concerned about safety. But its automotive telematics platform is also involved in saving people money by linking automotive insurance companies with their clients’ vehicles. The idea is actually quite simple: the technology IMS designs and builds allows a vehicle to wirelessly transmit information about a driver’s on-road behavior to an insurance firm, helping the latter calculate a more accurate premium. It’s a system – known as usage-based insurance – that is spreading rapidly and will likely change the face of automotive insurance over the next decade or so.

Overall, it’s clear Waterloo has established itself as a global leader in the Internet of Things market. Ric Asseltine, CEO of Terepac, sees the growth of the IoT market as a natural development.

“There was a time when everyone wanted to be connected, whether it’s Facebook, Twitter or what have you, and now what we’re discovering is that everything, similarly, wants to be connected,” Asseltine said.

 

White Paper – Capitalizing on the Internet of Things (IoT)

White Paper – Capitalizing on the Internet of Things (IoT)

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