Growth continues for market leading provider of video telematics.
Lytx® announces results from 2019 that reflect the company's continued success and industry leadership. According to analyst firm Frost & Sullivan, Lytx has 60% share of the total video safety market - more than triple the share of its nearest competitor.
Brandon Nixon, Lytx chairman and CEO, said: "2019 was a phenomenal year for Lytx by any measure. It has been over 20 years since we created the first technology in the video telematics space. As we enter this new decade, our future is brighter than ever."
"Anyone can capture video from a vehicle," Nixon continued. "But we have billions of miles of data and experience across thousands of fleets that enable us to make an effective behaviour-change tool for fleets of all sizes. We decipher millions of hours of driving data a day and use it to deliver meaningful insights to clients that make a difference for their business. That's why more and more fleets are turning to Lytx. We understand the challenges they face day-in and day-out and innovate to exceed their expectations."
Innovation Fuels Client Success
Driving Lytx's growth and continued success is the company's relentless focus on customer-centred innovation, particularly in the fields of machine vision and artificial intelligence (MV+AI). Clients credit the company's advanced technology, commercial grade hardware, configurable and flexible solutions, all-in-one telematics offerings, exceptional customer service, and superior return on investment as the key differentiators that lead them to deploy with Lytx.
Today, more than 4,000 organizations, with fleets of all sizes and across all sectors, are experiencing the benefits of Lytx first-hand. In 2019, nearly 25% of new customers were fleets who switched to Lytx after using another video or telematics solution. The company also increased its base of protected drivers by 300,000.
A One-Stop Video Telematics Leader for Versatile and Converged Solutions
Lytx's product portfolio, which the company introduced in February 2019, is now established as the most robust, configurable, broadly adopted, all-in-one video telematics fleet safety and productivity solution on the market.
The Lytx Video Platform and DriveCam® Event Recorder are unmatched in capturing capability, built-in computing power and clarity of view. Lytx monitors billions of miles of driving data annually – processing video through both MV+AI-powered algorithms and validated by professional reviewers. This approach mitigates unnecessary information for clients and increases accuracy while exposing more risk and delivering specific incidents and insights directly to fleet managers' dashboards. Lytx clients receive the information they need to succeed and improve — no more, no less.
Mugundhan Deenadayalan, senior research analyst at Frost & Sullivan, said: "Lytx's diverse range of industry-first solutions, advanced machine learning and artificial intelligence systems, industry best practices, customisable product portfolio and unparalleled customer service have taken the company to a new level of excellence in the industry.
"Its practice of putting the customer first, developing superior science and technology, and leveraging the power of data and analytics to innovate and craft solutions is proven to improve driver behaviour, safety, and operational efficiency, thereby saving lives."
Looking Forward to 2020
In January, Lytx announced it had received the largest-ever investment in video telematics from global private equity firm Permira. This investment values Lytx in excess of $2.5 billion.
Lytx's ability to turn vast amounts of data into roadway insights through MV+AI only furthers its market leadership and competitive advantage in the $30 trillion global transportation economy. With over 120 billion miles of roadway data and the fastest-growing database of commercial driving data powering its advanced artificial intelligence algorithms, Lytx is uniquely positioned to continue leading the industry in 2020.
"The precision of our technology is unmatched in the industry. With the scale of our data, we can train our cameras to see and recognize anything of value to our clients," Nixon said. "The power and capability of our MV+AI technology only scratches the surface of its future potential. It presents a massive opportunity for our clients as we continue to fine-tune our offerings moving into this next decade. The number of ways we can help improve fleet operations are boundless."