Cabinet's Strategic Review Board Discusses IOT in Annual Meeting

Oct 28, 2011 Ι Industry In-Focus Ι Furniture Ι By Ken Liu, CENS
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Taipei, Oct. 28, 2011 (CENS)--Taiwan Cabinet's Strategic Review Board (SRB) is discussing development of Internet of Things (IOT) industry in its annual meeting today, and suggest the Cabinet to designate IOT as the island's next strategic industry with the potential to produce at least NT$1 trillion (US$33 billion) a year based on bright prospects.

The SRB is focusing on four major IOT applications: intelligent grid, intelligent traffic, intelligent logistics and disaster prevention.

The Institute for Information Industry (III), a Taiwan government-funded think tank, estimates that IOT applications will have market potential of US$500-600 billion worldwide by 2016, an increase from 2011's US$165 billion, with the industry's revenue estimated to be US$168.1-200 billion by 2016 worldwide, up from 2011's US$38 billion.

China's 12th Five Year Plan for national economic development from 2011 to 2015 is to create an IOT market valued at around RMB1 trillion (US$156 billion) a year, with the plan to speed its “intelligent city” project for first-tier cities by deploying broadband wireless networks.

Taiwan's Vice Economics Minister J.C. Huang recently led a trade delegation to a
business conference in China to discuss bilateral cooperation, with IOT being prioritized among the five topics.

Bright prospects have drawn Taiwan's manufacturers and service providers as Chunghwa Telecom Co., Ltd., FarEasTone Telecom Co., Ltd., and Global Mobile Corp. to scramble for partnerships with counterparts in China.
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