K Gov't to invest millions in developing IoT tech
And, more government efforts to boost the economy...
Korea is rolling up its sleeves to facilitate the development of Internet-of-Things. The state of the art technology brings together two evolving technologies: wireless connectivity and smart sensors.
The Ministry of Trade, Industry and Energy will be investing more than 416-point-7-million U.S. dollars toward research and development of the Internet-of-Things sector over the next five years.
With the funding, the ministry expects to open new frontiers in electronic appliances that incorporate IoT technology... and support the development of IoT-related sensors and platforms.
The ministry plans to allocate the majority of the budget to the development of semiconductor chips with higher energy efficiency.
The chips will be installed into electronic appliances to enable consumers to control the appliances remotely.
State-run agencies, including the Korea Electronics Technology Institute and the Korea Land and Housing Corporation, will be in charge of building public housing that incorporates IoT electronic appliances.
The two agencies will also encourage the general public to participate.
For starters, they plan to reform the electricity market so that consumers who were able to save electricity by remotely controlling their household energy use... can re-sell what they saved.
The ministry also plans to include the installation and application of IoT electronic appliances when building smart cities in foreign countries... to help export the technology.
In addition, the ministry will seek to expand the volume of electronic appliance exports to 20-billion dollars in 2025 from last year's 12-point-5-billion dollars.
Next year, it will establish a Big Data research center dedicated to applying the technology to smarthomes -- the global market for which is projected to grow to 133-point-6-billion-dollars by 2020 from last year's 60-billion.