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#News(General) [ via IoTForIndiaGroup ]
According to the Ericsson Mobility Report, around 29 billion connected devices will be in use by 2022. Of them, 18 billion will work with the Internet of Things (IoT), the network of everyday devices that covers everything from fridges and air conditioning to vehicles and healthcare.
The worldwide wearables industry is expected to have shipped nearly 125 million units in 2018, according to market intelligence provider IDC. This represents an increase of 8.2% over the previous year, whilst double-digit growth is forecasted to be seen this year and will continue until at least 2022. By some estimates the wearables market could be worth US$160b by 2026.
Singapore start-ups and tech firms are well-placed to capitalise on this growth. The number of start-ups in Singapore doubled between 2003 and 2016. Having ranked seventeenth in the 2012 Compass Global Startup Ecosystem Report, only 11 other countries are home to more fledgling tech businesses today.
During this time, the government had been working closely with the private sector to encourage the development of new businesses. This central backing has helped Singapore to become a regional powerhouse for tech start-ups.
Smartwatches have grown in popularity with Singaporeans because of their desire for the functionality of activity watches without losing the elegance of classic timepieces.
Not only is the government contributing to the growth in the adoption of functionality-packed smart wearables through initiatives like the National Step Challenge by the Health Promotion Board, which rewards participants who hit a target of 5,000-10,000 steps each day with redeemable points, but it is also creating a strong ecosystem in which start-ups can thrive.
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