Video-Telematics Market Leader Lauded for Leading an Analytics-Driven Revolution, Innovating in Advance of the Market Along the Frontiers of Machine Vision and Artificial Intelligence
Frost & Sullivan announced it has recognized San Diego-based Lytx® as the 2019 North American Video Safety Solutions Company of the Year. This distinction is based on a rigorous analysis of companies for their visionary innovation, market performance, and customer impact.
“Lytx was the clear choice for this year’s award, having brought tremendous value to the market through their demonstrated significant leadership in the areas of continuous technological innovation, the development of industry best practices, and a vision for putting customer needs first,” said Mugundhan Deenadayalan, senior research analyst at Frost & Sullivan. “The company earned exemplary marks in all of our key benchmarking criteria. In addition, with its revolutionary application of machine vision and artificial intelligence technologies, combined with professional review and behavior tagging, Lytx delivers an accurate and customized view of risk. Through analysis of billions of miles of driving data, Lytx is unrivaled in its ability to ‘cut through the noise’ and provide actionable insights to clients and help take the guesswork out of what’s happening in their fleets and on the roads.”
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A key criteria in evaluating companies for Frost & Sullivan’s prestigious Company of the Year Award is continuous innovation in unearthing customers’ unmet needs and creating solutions to effectively address them.
“With respect to innovation, Lytx not only pioneered the category of video telematics in 1998, it has since notched numerous industry firsts, setting the pace of technological achievements for others to follow,” said Deenadayalan, noting that Lytx has more than 130 issued and pending patents in its field.
Among the transportation industry’s most promising areas of research and innovation are machine vision and artificial intelligence. Lytx’s decade of experience in these two fields gives it a significant head start, and one that it is capitalizing upon. Building on its work using these technologies in previous years to detect lane departure, rolling stops and following distance, Lytx continues to advance the market by detecting seat belt use, cell phone use, eating / drinking, and smoking.
Market Performance & Leadership
In the face of remarkably fierce competition, Lytx has maintained a dominant market share, which remains greater than all of its competitors combined.
“This is no small feat considering the intense level of competition heating up the fast-growing market for video telematics,” Deenadayalan said.
In 2019, Lytx successfully leveraged its scale in a number of ways. With more than 100 billion miles of driving data under its belt, Lytx has the largest, fastest-growing proprietary database of commercial driving data to evolve and fine-tune its artificial intelligence algorithms.
In addition, Lytx has used its market position to lead the effort to develop and share industry best practices that support fleets of all sizes and in multiple sectors.
“Compared to its competitors, Lytx’s direct online portal-based feedback system is a one-of-a-kind solution in the market,” said Deenadayalan. “After years of hard work, Lytx realizes the tangible benefits of implementing such pioneering best practices.”
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Customer Impact & Value
To truly make a difference, companies must be able to prove its value to customers. The Frost & Sullivan Company of the Year Award recognizes companies that deliver end-to-end value to their customers–from the purchase experience and the ongoing support, to the price-to-performance value compared to similar offerings from competitors.
“Lytx’s constant product refinement and innovation, in step with market demands and trends, allow the company to offer the best value to its customers,” Deenadayalan explained.
“Based on Frost & Sullivan’s analysis, Lytx’s solutions help its clients reduce claims costs by up to 80% and collision frequency by up to 50%, thus serving a key value proposition that provides Lytx with a firm advantage over its competitors,” said Deenadayalan. On average, Lytx’s customers derive between a three- and six-fold return on their investment each year.
The company’s exceptional customer ownership and service experience resulted in an astounding customer retention rate of about 97% in 2018, and Lytx appears on track to achieve the same result in 2019.
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