Develco Products hits revenue record in rapidly growing IoT market
Karsten Ries of Develco Products
The Internet of Things (IoT) is accelerating rapidly across the globe. More and more companies are starting to unlock the potential of the IoT to add new revenue streams and future-proof their business. The rising demand for IoT products is reflected by increased revenue at the Danish company Develco Products.
Develco Products’ newly presented financial statement reveals that the demand for the company’s IoT product platform has increased remarkably the past year. The company hits a record with an 80% increase in revenue. The numbers also prove that the IoT market is moving in the right direction.
IoT market spreading across industries
Europe and North America are among the main markets, and Develco Products has deployed 2.5 million products accumulated. The interest in the company’s product platform spreads across industries. Some industries are, however, moving faster than others.
CEO at Develco Products, Karsten Ries, states, ”Currently, we experience a high demand for our IoT product platform from businesses within the fields of healthcare, home security, and energy management. The healthcare industry is a growing market due to the increasing need to solve demographic challenges. In general, the IoT market is, however, at an early stage.”
Further development
To keep the position as a leading player in the IoT industry, Develco Products has invested heavily in the development of the product platform and the organisation during the past year.
The investments will continue according to Karsten Ries, who says: “Our growth proves that large scale deployment of IoT solutions is no longer just a vision – it is the reality. As our product platform has reached a high level of maturity, it is possible for our customers to scale up their solutions. Our ambition is to enable our customers to bring new IoT solutions to the end-users and to develop the market further. We will continue to invest heavily in our product platform and our organisation because the growth of the IoT market will continue in years to come.”
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