Internet of Things market expected to grow to $520 billion by 2021
MIAMI, FL, Jan. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (“POS”), today announced the launch of Netevia In-App Payments Software Development Kit (SDK) for Internet of Things (“IoT”) devices, enabling application developers and hardware manufacturers to process payments within their consumer-facing applications. With just a few lines of code, Netevia’s SDK for IoT, allows developers to easily and professionally build a fully PCI compliant, secure and seamless payments flow experience for their devices.
IoT creates a network of devices that interact over the internet and can be remotely monitored and/or controlled. IoT works by extending internet connectivity beyond desktops, laptops, smartphones and tablets to include a network of non-internet items, enabling communication and data exchange with devices that are embedded with smart technology such as vehicles and home appliances.
The capabilities and potential of this market are explosive. According to Bain & Company, the global IoT market will grow to $520 billion by 2021 - more than double the $235 billion spent in 2017. Bain also notes that “pent-up” demand creates considerable opportunity for technology providers who can present proofs of concepts and successful implementation.
The SDK is part of the Netevia’s feature-ready multi-channel payments platform that connects and simplifies payments through a single integration point to increase economic efficiency of all transactions made within the ecosystem. Among its capabilities is compliant cryptocurrency payment acceptance.
“The Netevia Platform simplifies payments across multiple channels through a single point of integration,” commented Andrey Krotov, Chief Technology Officer of Net Element, Inc. “According to Visa, Inc., by 2020 there will be more than 50 billion devices connected to the Internet, providing a huge opportunity for these devices to include payments experience through Netevia SDK.”
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S., the Company aims to grow transactional revenue by innovating SME productivity services using various technology solutions and Aptito, our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte's 2017 and 2018 Technology Fast 500™. In 2017 we were recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies. Further information is available at www.NetElement.com.
Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. An example of such risk and uncertainty is whether the Netevia In-App Payments Software Development Kit (SDK) for Internet of Things (“IoT”) devices and its cryptocurrency payment acceptance feature will gain traction and be a success for the Company. Additional examples of such risks and uncertainties include but are not limited to (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; and (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.