Internet of Things Subsidiary IOT Labs Expands Reach

Internet of Things (TSXVX:ITT) has announced that its subsidiary, IOT Labs is expanding its focus to include machine learning and autonomous vehicle solutions.
As quoted in the press release:

Iot Labs Inc. is currently working on the licensing and/or acquisition of commercially viable solutions to enhance the Company’s position and presence in the domestic North American markets.
Currently, there are 1.4 billion cars on the road worldwide, and according to a recent ReportBuyer Report¹, in 2016, there was an estimated 2.73 million vehicles (passenger cars and commercial vehicles) equipped with level 2 autonomous systems (partial automation). Autonomous systems are ranked from level 1 through 5, with 5 being fully autonomous.
Fully autonomous vehicles do not rely on driver’s input, but rather analyze the surrounding data and plan the further movement trajectory of the vehicle. The data is collected by components such as cameras, radars, and a variety of sensors.
According to PWC², the global market for automated driver assistance systems, which includes sensors, artificial intelligence and machine learning, is estimate to reach US$60 Billion by 2020.

Click here to read the full press release.