Enterprise networking vendor NEC and the Singapore Economic Development Board (EDB) inked a memorandum of understanding (MOU) to research and collaborate on Internet of Things (IoT).
NEC will be developing an IoT business platform that will benefit businesses across industries as well as create new capabilities and business opportunities in Singapore.
IoT market is forecast to grow from $1.3 trillion in 2013 to $3.04 trillion in 2020 with a compound annual growth rate (CAGR) of 13 percent, said IDC.
In healthcare sector, NEC and EDB will resolve healthcare issues, including developing elderly related solutions that will improve the efficiency of healthcare operations.
Collaboration with EDB in the areas of cyber security focuses on talent development to promote security capability in Singapore. The MoU also focuses on energy management & control, smart grid, energy storage and renewable energy integration.
NEC and EDB will also include additional areas such as Software-Defined Networking (SDN), satellite technologies, retail solutions and leadership development.
The MoU for the IoT collaboration was signed by (Left) Nobuhiro Endo, president, NEC and Yeoh Keat Chuan, managing director, Singapore Economic Development Board (EDB).