NEC Corporation and the Singapore Economic Development Board (EDB) 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 cyber security, smart energy, healthcare, and the 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 within Singapore.
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 in 2020(*1) 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.
In the area of healthcare, NEC and EDB will collaborate to resolve healthcare issues, including developing elderly related solutions that will improve the efficiency of healthcare operations. With Singapore estimated to have an elderly population (over 65 years old) of 11% by 2050(*2, ) the demand for healthcare services for the elderly is on the rise. In separate efforts, collaboration with EDB in the areas of cyber security focuses on talent development to promote security capability in Singapore and the region. In the area of smart energy, the partnership focuses on energy management & control, smart grid, energy storage and renewable energy integration.
Going forward, NEC and EDB are considering cooperation in additional areas that could include Software-Defined Networking (SDN), satellite technologies, retail solutions and leadership development.
"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 Mr. Yeoh Keat Chuan, Managing Director of the Singapore Economic Development Board.
"NEC recently adopted a new brand message of 'Orchestrating a brighter world,' representing the company's efforts to ensure the safety, security, efficiency and equality of society. Our collaboration with the EDB embodies this vision and enables NEC to capitalize on its achievements and ensure that Singapore continues to thrive as a scientific, economic and social center. With Singapore's position as a regional hub for technology and business within Asia Pacific, the partnership will create new opportunities for research and growth in Singapore and the region," said Dr. Nobuhiro Endo, President, NEC Corporation.
*1) Source: Finding Success in the New IoT Ecosystem: Market to Reach $3.04 Trillion and 30 Billion Connected "Things" in 2020, IDC Says, 7 November 2014
*2) Population Reference Bureau, 2014 World Population Data Sheet
About NEC Corporation
NEC Corporation (nec.com) is a leader in the integration of IT and network technologies that benefit businesses and people around the world. By providing a combination of products and solutions that cross utilize the company's experience and global resources, NEC's advanced technologies meet the complex and ever-changing needs of its customers. NEC brings more than 100 years of expertise in technological innovation to empower people, businesses and society.
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About NEC Asia Pacific Pte Ltd
Singapore-based NEC Asia Pacific is the regional headquarters for NEC Corporation (HQ: Japan) in the Asia Pacific region (South and Southeast Asia, and Oceania). As a leading infocomm technology provider and systems integrator offering regional sales and services support and consultancy, NEC APAC develops solutions on carrier network, global identity, RFID, enterprise server, unified communications, multimedia display, and contact centre, as well as provide outsourcing and managed services.
To leverage on its technological expertise, NEC APAC has established regional competency centres for public safety and display solutions to expand its capabilities and expertise to support businesses in the Asia Pacific region.
In line with the NEC Group Vision to realize an information society friendly to humans and the earth, NEC embarks on corporate social responsibilities initiatives to support the Nature (environment), Education and Community. For more information, please visit nec.com.sg.