This is an exciting time in innovation and companies such as Nest (with their thermostat app) and Apple (with its Apple Pay) are redefining the ways of doing things innovatively.
With this opening remarks, Manoj Menon, Senior Partner & Managing Director for Asia Pacific Frost & Sullivan, opened the Frost & Sullivan Growth, Innovation & Leadership (GIL) Congress on 16 October in Singapore.
GIL 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.
Innovation and connected living
Menon urged companies to stop doing things the old way and learn from the best in class. During his keynote, he identified 12 new megatrends that are having an impact on our world and shaping human future. These megatrends include urbanization, bricks and clicks, smart and the new green, connected healthcare, mobility and energy, among others. He cited the examples of Philips and Deutsche Bahn, companies that are evolving their products and services in tune with transformational shifts in user requirements.
During the day-long conference, the theme 'Connected Living' was discussed in detail. 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.
Connectivity and convergence will change the world as we know it, argued Menon. "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," he said.
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.
During the conference, 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.
Other notable speakers at the event included Andrew Tan, Chief Executive, Maritime and Port Authority of Singapore, Chong Joon Woon, Vice President (Strategic Planning, Investment Promotion & Business Development), SembCorp Urban Development, Philip Lim, CEO, Exploit Technologies and Tan Yinglan, Venture Partner, Sequoia Capital India.
The evening culminated with the 7th Annual Frost & Sullivan Asia Pacific Best Practices Awards.
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