What is the Silver Tsunami?
For the last twenty years we have seen the term Silver Tsunami pop up every 5 years or so in articles across traditional publications and social media. It has been said to be coined in a paper, by Mary Finn Maples from Nevada University in 2012. Referring to the Baby-boomer generation where the population is ageing rapidly due to longer life expectancy and low fertility rate. Robotics and automation is providing solutions.
As a robotics and software company, OTSAW’s attention is drawn to how we can better support this ageing population. Healthcare, insurance-schemes and day care centers are looking at how to revamp their strategies. Asistive technologies like last-mile delivery robot CAMELLO has been added to the list.
The fast track of solutions for the ageing population, has been a blessing rather than a calamity. However there has been a huge gap throughout Asia. Not all demographics within the Silver Tsunami window have the most basic of assistance, like wheelchairs or even medical advice. We believe, the basic ingredient to our technology, is empathy.
Our concept is new to the market, and it will take some time for acceptance, as the industry develops. The term ageing population is something that we all can relate to, meaning acceptance is something we look forward to.
With automation as a response, our prediction to the Silver Tsunami is a reaction to a scarcity of workers from a middle-aged demographics. Middle-aged workers are defined as between the ages of 26 and 55, and aged workers as those over the age of 55.
Investments into responsible technology and robotics means new research, technology and the increase of manufacturing. OTSAW wants the industry to band together to push through government regulations and make it a core industry in the fourth industrial revolution.
ROBOTICS IN SINGAPORE
Robotics in Singapore received an additional S$450 million committed to the National Robotics Programme from the government over the next three years. This supports robotics development and deployment across healthcare, construction, manufacturing and logistics. This is a huge contribution in solutions for the Silver Tsunami.
Small and medium enterprises (SMEs) are tentative with adoption due to limited budgets. With support from top down, it is encouraging that SME’s may change their views and find a benefit.
We look toward partnership and collaborations with companies locally and internationally. Our journey with brands like foodpanda, will provide a wealth of knowledge in terms of data that can help improve the future advancement of robotics. This means an ecosystem that is cost-efficient and sustainable.
In the last two years we’ve had wonderful support from the Land Transport Authority , Housing Development Board and the Urban Development Board. With digitalisation, our trial in Punggol Waterway with Robotics is a test bed to integrate with existing delivery infrastructures and we look for support most of all from potential users including those in the Silver Tsunami.