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Converging industries and smart cities to present market opportunities worth $1.5 trillion by 2020, says Frost & Sullivan

Frost & Sullivan hosts Growth, Innovation & Leadership (GIL) Asia Pacific Congress in Singapore

Innovation is essential in accelerating companies' growth in today's competitive environment. Frost & Sullivan Growth, Innovation & Leadership (GIL) Congress takes place across eighteen cities annually and is a platform to discuss key trends, creating new possibilities, business models and opportunities. GIL Asia Pacific 2014 was held at Marina Bay Sands Expo and Convention Centre.

As Singapore transitions into a smart nation, several zones and areas have been identified as test sites for innovative ideas and concepts such as intelligent parking systems and pneumatic waste conveyance systems. Hence, the 'connected living' is likely to become reality in the near future.

The theme 'Connected Living' was discussed in detail throughout the congress. This will be an extension of Frost & Sullivan's recent focus on the integration of smart technology across various industries and countries. According to Frost & Sullivan, the converging industries and smart cities is expected to present market opportunities worth $1.5 trillion by 2020.

'Connected Living' is defined as a world in which consumers use many different devices to experience compelling new services that integrate video, voice, and data services to provide access and ubiquitous connectivity anytime and anywhere.

According to Manoj Menon, Senior Partner & Managing Director for Asia Pacific Frost & Sullivan, connectivity and convergence will change the world as we know it.

"In the foreseeable future, smart and connected ubiquitous objects will be able to monitor the environment, report statuses, receive instructions, and take action based on the information received from smartphones, tablets and other hand held devices acting as a controller."

ICT and the Internet of Things (IoT) are expected to transform numerous industries into 'Smart industries'. Examples include Automotive (Connected Cars), Healthcare (Connected Health) and Retail (Self Service, Augmented Reality).

"Driven by cloud computing, ubiquitous connectivity, and big data analytical capabilities, IoT is forcing transformation and innovation across the Connected Home, Connected Workplace and the Connected City for a massive technology-led disruption across all industries," he added.

Next, Mr. Andrew Milroy, Senior Vice-President, ICT, Frost & Sullivan spoke on how the Internet of Things (IoT) will give rise to smart cities, with growth opportunities identified in areas such as infrastructure development, technology integration, energy and security services. In his presentation, Mr. Milroy also discussed converging industries and the opportunities available.

Notable speakers at the event included Mr. Andrew Tan, Chief Executive, Maritime and Port Authority of Singapore, Mr. Chong Joon Woon, Vice President (Strategic Planning, Investment Promotion & Business Development), SembCorp Urban Development, Mr. Philip Lim, CEO, Exploit Technologies and Mr. Tan Yinglan, Venture Partner, Sequoia Capital India.

The evening ended with the 7th Annual Frost & Sullivan Asia Pacific Best Practices Awards which recognize companies that have implemented best practices in their industry, as well as demonstrated excellent achievements and superior performance in areas such as leadership, technological innovation and strategic product and service development.

www.frost.com

 

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