NEC Corporation(NEC; TSE: 6701) has announced the signing of a Memorandum of Understanding (MoU) to research and collaborate in areas that are essential to the realization of a safe, secure and efficient society, including cybersecurity, smart energy, healthcare, and Internet of Things (IoT). The partnership aims to promote and drive economic growth in the industry through NEC-driven, innovative IT solutions, talent development programmes and research collaboration in Singapore.
"We are glad that NEC has chosen to orchestrate its growth in Asia by leveraging Singapore’s digital capabilities and test-bedding platforms. We believe that NEC’s plans are well-aligned with EDB’s vision for Singapore to be the digital innovation capital of Asia. We encourage NEC to continue to tap on Singapore’s sophisticated demand base to co-develop new products, solutions and services across different industries such as healthcare and retail," said Yeoh Keat Chuan, Managing Director of the Singapore Economic Development Board.
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(from left) Dr. Nobuhiro Endo, President, NEC Corporation, Mr. Yeoh Keat Chuan, Managing Director, Singapore Economic Development Board
The collaboration with EDB will see NEC developing an Internet of Things business platform that will benefit businesses across industries as well as create new capabilities and business opportunities.
According to a newly released IoT ecosystem forecast from International Data Corporation (IDC), the worldwide IoT market is forecast to grow from $1.3 trillion in 2013 to $3.04 trillion by 2020 with a compound annual growth rate (CAGR) of 13%. IDC defines the Internet of Things as a network of networks of uniquely identifiable endpoints (or "things") that communicate without human interaction using IP connectivity - be it "locally" or globally.
