South Korea Considers IoT as Future Growth Engine

by YuGee / Oct 13, 2016 06:29 AM EDT

INCHEON, SOUTH KOREA - NOVEMBER 29: Ji Young-Hoon (34), controls an electronic appliance in his house using his mobile phone on November 29, 2006 in Incheon, South Korea. The Home Network uses advanced technology to improve quality of life by enabling com

During an international exhibition held in Seoul on Wednesday, over 200 South Korean companies presented different Internet of Things (IoT) application services and products as Internet connections are more related to our everyday lives nowadays.

Yonhap News Agency reported that the "IoT Korea Exhibition 2016," a part of the "IoT Week Korea 2016," was held at the Convention and Exhibition Center (COEX) in southern Seoul and runs for two days. The said event is hosted by the Ministry of Science, ICT, and Future Planning.

IoT's main function is to connect all objects to the Internet and allow them to identify themselves to other devices and people so that they can exchange data for enhanced efficiency and convenience.

In order to cope with ever-progressing industrial transformation known as the "fourth industrial revolution," the Seoul government has been encouraging and promoting different projects and programs. The "fourth industrial revolution" is determined by a fusion of cutting-edge technologies, most specifically in the IoT industry.

ICT Ministry official Jung Jae Hoon said, "The event was organized to showcase various examples embedded with IoT connectivity so that more firms and people would be interested, and to discuss the ways to improve the IoT industry sector."

Data also prove that South Korea's market for IoT products and services continue to increase with 28 percent rise last year. The ministry also declared earlier this year that it will increase its R&D budget in the "fourth industrial revolution" sector, from 314.7 billion won this year to 470.7 billion won in 2017.

In his opening speech during the exhibition, Vice Minister of Science, ICT, and Future Planning, Choi Jae You, said, "The IoT is a link that connects the fourth industrial revolution and an information society." Choi further stated that the government will work together with local businesses and companies to enhance the IoT sector.