Greenwave Systems has opened a research and development (R&D) center in Singapore, where it also plans to expand its current headcount by 50 percent.
The Internet of Things (IoT) software and services provider said it was aiming to increase its current local employee base of 80 to 120 to support the research facility. The company currently has more than 230 employees in four global offices located in Singapore, Korea, Denmark, and the United States.
Greenwave provides managed services via its AxonTM platform, which connect devices and deliver services to its customers.
Located in the western part of Singapore, the research center will focus on developing IoT technologies for Greenwave customers and partners from various verticals including insurance, utility, and consumer electronics, it said Tuesday in a statement.
According to IDC research, the global IoT market was projected to hit US$7.1 trillion in 2020, up from US$1.9 trillion in 2013. It added that the IoT install base would clock a compound annual growth rate of 17.5 percent between 2013 and 2020, encompassing billions of connected devices.
In a report last month, IDC also noted that half of IT networks will suffer constraints within three years while 10 percent of sites will be overwhelmed, due to the growing adoption of IoT. By 2018, most activities involving 40 percent of IoT-created data would take place close to, or at the edge, of the network.
The Singapore government has been driving developments in this space as part of its ambition to be a "smart nation", tapping the collection and analysis of data to gain insights and improve services.