Taipei, The non-profit Taiwan External Trade Development Council (TAITRA) plans to hold a smart city fair in the central city of Taichung before the end of August to promote business opportunities in the "blue ocean" emerging sector by local enterprises.
"Blue ocean" is a term coined by professors W. Chan Kim and Renee Mauborgne in their book, "Blue Ocean Strategy: How to Create Uncontested Market Space and the Make Competition Irrelevant," published in 2005.
As opposed to "red ocean" where competitors fight for dominance, the term "blue ocean" refers to an uncontested market space with high potential profits.
The planned Smart Asia Taiwan fair, scheduled for July 26-28, will be the first of its kind in Taiwan and similar to the first Smart Asia India held in Bengaluru last year, according to TAITRA, a semi-official trade promotion institution.
The Bengaluru event, attended by 50 Taiwanese businesses, attracted more than 1,000 Indian buyers, TAITRA said.
Citing IDC market research data, TAITRA said the value of business opportunities related to the development of smart cities around the world could reach US$135 billion by 2021.
The Smart Asia Taiwan fair will cover smart city solutions and business opportunities, with a focus on the Internet of Things, big data analysis, artificial intelligence and sensing devices, TAITRA said.
Source: Focus Taiwan News Channel