Lytx® has earned Frost & Sullivan’s 2022 Company of the Year award for video safety solutions. The award recognizes Lytx for innovating to solve the unmet needs of its clients, implementing best practices in the realm of video telematics, and optimizing its customer purchase experience. This marks the second time in three years that Lytx has earned this prestigious honor from the market research firm. To read the full report, go here.
“Each year Lytx raises the bar and sets higher standards for safety systems providers by innovating and introducing groundbreaking technologies, all-in-one solutions, and business strategies in the industry, surpassing its competition,” Frost & Sullivan wrote in its assessment. “This proven pioneer in the video safety solutions market space for commercial vehicles is an unparalleled innovator and relentless leader driven by a passion to improve road safety and create a world where no commercial driver is ever the cause of a collision.”
Visionary innovation and performance
In reviewing Lytx’s breakthrough technologies and streamlined customer experiences, Krishna Chaithanya Bathala, Frost & Sullivan program manager of the connected fleet group, explained, “Frost & Sullivan attributes Lytx’s market leadership largely to its ability to understand the bigger picture of the market when it comes to customer preferences and target audience challenges and requirements. Lytx has cracked the crucial code fleets look for in vendors to fulfill all their functions end-to-end, with an all-in-one user interface to unify data and insights representation.”
Customer impact
On the topic of market leadership and identifying customer needs, Bathala noted, “As the industry moves toward open platforms and APIs that allow customers to integrate with evolving technologies easily, Lytx successfully taps into the trend by ushering customers into a new and advanced era for video telematics and fleet management systems.”
Bathala expanded on the customer ownership experience topic by stating, “Lytx’s unique customer support strategy offers customers the industry-best, differentiated service experience. Frost & Sullivan finds that Lytx has one of the lowest customer churn rates, and its customer retention rate is among the highest in the industry.”
Growth potential
Bathala issued an optimistic outlook for Lytx: “Frost & Sullivan commends Lytx for consistently proving itself to be one of the best growing video telematics companies globally with industry-first innovations, which will augur well for its continued market leadership in the video telematics and video safety solutions market space in North America.”
“Frost & Sullivan’s global team of Growth Pipeline experts continually identifies and evaluates growth opportunities across multiple industries, technologies, and regions of the world,” Bathala said. “As part of this ongoing effort, we identify companies that consistently develop growth strategies based on a visionary understanding of the future and effectively address new challenges and opportunities. This approach involves the deployment of best practices and strategic analytics across a value chain. Against this backdrop, Frost & Sullivan recognizes Lytx for its valuable achievement.”