IoT software and services provider Greenwave Systems is opening a new R&D center in Singapore to further expand its innovation capabilities for the Internet of Things.
To be located in Science Park II, the new facility will focus on developing new IoT technologies for Greenwave's media, service provider, insurance, utility and consumer electronics partners and customers globally.
With the opening of its new R&D Centre, Greenwave expects to grow its Singapore-based team from 80 to approximately 120 employees.
"We welcome the establishment of Greenwave's new R&D Centre in Singapore , and are pleased that Greenwave has chosen Singapore to be its platform to grow its Internet of Things (IoT) business," said Thien Kwee Eng , Assistant Managing Director at the Singapore Economic Development Board.
"With the rise of digitization and opportunities in consumer businesses, as well as media and energy management, we encourage Greenwave to continue to leverage Singapore's talent pool, research institutions and sophisticated demand for the co-creation of advanced IoT technologies for the Asian market and beyond."
According to a recent report from IDC, based upon an extensive global market study, the worldwide IoT market is forecast to grow from $1.3 trillion in 2013 to $3.04 trillion in 2020. In addition, government mandates will drive the Western Europe and Asia-Pacific regions to outpace North America in terms of IoT revenues and installed base through 2020.