NEC Corporation (NEC; TSE: 6701) 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.