Taiwan is expected to grab about 5 percent of the world’s US$148.3 billion Internet of Thing (IoT) and big data market in 2020, mostly smart city and smart vehicle-related businesses, the Industrial Technology Research Institute (ITRI, 工研院) predicted yesterday.
That translates into about US$7.42 billion in revenue, according to the ITRI’s projection. The forecast does not include revenue from selling related hardware, such as sensors, it said.
The revenue garnered by Taiwan will primarily come from electronic toll collection services and applications supporting vehicle-to-vehicle, or vehicle-to-infrastructure technologies for autonomous and other cars, ITRI general director Stephen Su (蘇孟宗) said on the sidelines of a forum in Taipei.
The ITRI is testing one of the vehicle-to-infrastructure solutions developed by the institute, Su said.
The institute is installing a system at several crossroads in Hsinchu City to improve traffic safety, he said.
The ITRI has set up a special team of more than 100 engineers to develop more vehicle-to-infrastructure applications, automatic applications and other IoT solutions, Su said.
Far Eastern Electronic Toll Collection Co (FETC, 遠通電收), which operates the nation’s sole electronic toll collection system on highways, yesterday said it is selling its toll system know-how overseas and seeking to develop new smart payment services using the system.
FETC managing director Chang Yung-chang (張永昌) said the company signed contracts with the governments of Vietnam and Kazakhstan to build electronic toll collection systems last year.
The company expects to secure another three contracts this year from Malaysia, the Philippines and India, Chang said.
In Taiwan, about 6.58 million cars use the electronic system on highways by sticking an electronic tag on their vehicles to pay charges for highways, or bridges, FETC said.
The electronic tag will also be used to pay parking fees in the future, Chang said.