Singapore's IoT market is projected to grow significantly over the coming years as the industry expands at a CAGR of 20% between 2018–2023, a growth mostly driven by the Smart Nation Project, a major government initiative, according to a report from Research and Markets.
The Smart Nation Project is Singapore's effort to increase governmental focus and investments in smart mobility, smart building and environment, smart industry, smart healthcare and smart governance.
"The Smart Nation initiative is about harnessing the full power and potential of digital and smart technologies to create new jobs and business opportunities, in order to make our lives more convenient, and our economy more productive, through more efficient government and business processes," explained the Singaporean government. "But beyond that, a Smart Nation is about creating new opportunities in a digital age, and transforming the way people live, work and play, so that Singapore remains an outstanding global city."
It added that the Smart Nation Project is about making day-to-day transactions in the city-state seamless and so convenient that the process is almost invisible, something which IoT technology can enable.
Research and Markets also noted that the robust market growth is due to increasing need for big data analytics, rising demand for machine intelligence and a shift toward smart manufacturing. These factors are also compounded by the overwhelming popularity of IoT-enabled wearables like Fitbit and the Apple Watch.