South Korea Has 4.08 Million Subscribers To Internet Of Things Networks, According To Data Gathered By Ministry Of Science, ICT and Future Planning

by Czarelli Tuason / Nov 20, 2015 12:06 AM EST

Internet of Things illustration (Photo by appleuzr)

The Ministry of Science, ICT and Future Planning's data showed that South Korea has reached the four million mark of Internet of Things networks subscribers thanks to the increasing number of wearable devices being introduced in the country, reported Telecom Paper on Sunday.

By the end of September, South Korea reportedly has 4.08 million subscribers to the Internet of Things networks, up from August's 3.96 million figure.

The smart watch hype in South Korea boosted the number of people wearing telecommunications devices to 294,000 by the end of September, while mobile phone subscribers in the country reached 58.5 million, with 42.6 million being smartphone users.

According to Business Korea on July 17, South Korea emerged as the No. 1 nation with Internet of Things-connected devices, making it a potential infrastructure powerhouse in the Internet of Things market.

Based on the citing of the OECD Digital Economy Outlook 2015 on July 15, the Ministry of Science, ICT and Future Planning noted that the number of devices supporting the Internet of Things technology is 37.9 per 100 South Koreans. Denmark comes in second place with 32.7 devices, followed by Switzerland with 29 devices and the U.S. with 24.9 devices.

South Korea reportedly has 18 million Internet of Things-connected devices, placing behind the U.S. with 84 million devices and China with 78 million devices.

Due to the growing popularity of the Internet of Things networks in South Korea, the nation's government decided to invest $350 million in around 300 companies that it deems globally competitive within the next four years to develop an Internet of Things ecosystem within the country, noted ZD Net on Sept. 24.

South Korea, being East Asia's third-largest economy, is in search for tech industry growth engines, such as wearable Internet of Things devices, to pave the way for a new generation of smart devices that the country could use to compete globally.

The country also aims to nurture and promote 10,000 experts and aid local companies to find good opportunities internationally. It is also set to encourage large firms to welcome small players in their Internet of Things platforms in order to foster cooperation among various companies in the market.