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“Companies in the region are looking for ways to create new revenue streams and become more cost efficient. The Internet of Things (IoT) provides very good opportunities for this, especially for manufacturing companies that can add a whole new range of services and thus expand its market and competitiveness”, says Mats Lundquist, CEO at Telenor Connexion.
Key growth market for Swedish export and Telenor Connexion
Sweden’s minister for Enterprise and Innovation is currently in Asia with leading Swedish companies, to strengthen existing business relationships and offer new opportunities for collaboration. Asia, with an expected economic growth rate of 44%, is an important export market for Sweden as well as a significant market for Telenor Connexion. Telenor Connexion participates alongside customers, Volvo and Scania, and partner Ericsson.
In addition to meetings with several ministers and leaders of major Japanese and South Korean companies, the program includes an innovative Information Communication Technology (ICT) seminar on the ‘Internet of Things’ and a VIP reception at the Swedish Embassy in Tokyo.
Great opportunities for innovative solutions
According to Business Sweden, the Swedish Trade & Invest Council and organizer of the event, many Asian companies are faced with increased international competition, and participate at the event to learn from Sweden in terms of new innovations, business models, and international success stories.
IoT – a fast growing segment
As reported by Frost & Sullivan, the IoT market is expected to be one of the fastest growing segments in the Asia Pacific technology industry. With a CAGR (compound annual growth rate) of 34%, it is expected to reach US$ 58 billion by 2020. Telenor Connexion recently expanded its business development team in Asia-Pacific to meet this growing demand and have appointed Mikael Lindholm as Head of Region APAC.
“Expanding our footprint in Asia-Pacific reflects our commitment to this region and allows us to better serve existing and new customers with our advanced IoT solutions. The region is a key growth market for IoT, particularly for the manufacturing industry, and with these investments, Telenor Connexion is well-positioned to meet future product and development requirements in this region,” adds CEO Mats Lundquist.
Telenor Connexion serves a number of key customers in Asia with its advanced connected business solution, spanning multiple vertical markets such as automotive, asset management and security. Examples of Asian customers are Nissan and Hitachi Construction Machinery.
What is the Internet of Things?
Internet of Things (IoT) is about connecting products to the Internet so that they communicate with each other, a company or user. The technology creates opportunities for entirely new kinds of products – but also for new services and business models. IoT is one of the biggest societal changes since the industrial revolution. A connected society is a more sustainable society, where we make better decisions, get a higher quality of life, become more efficient, create more growth and more jobs.