Two South Korean firms come together for creating first IoT city in the world

South Korea: South Korea-based SK Telecom and Samsung, which are the major Information & Communication Technology firms in the country, have decided to create an Internet of Things model city in Daegu with a view to upkeep the “Big Jump” of the early-stage, emerging and emerging growth companies.

The initiative for creating the IoT infrastructure in Daegu was declared by the government personnel of Daegu city along with the key people of Samsung & SK Telecom. This initiative is a gateway for the Daegu government to come together with the city based companies for providing an IoT regulation-free zone ecosystem for the venture firms.

As per the plan, the metropolitan government of Daegu will propose its administration help in the initiative whereas Samsung will provide the network hardware devices with SK Telecom offering the IoT solutions and telecommunication infrastructure & technologies such as cloud platforms, big data analytic tools, etc.  

Initially, the establishment of a test bed has been planned by SK Telecom for which the company will construct an open lab that will provide a platform to the venture firms for developing new products & services and easy deployment of IoT platform, ThingPlug, to these firms. Therefore, an investment of USD77.19 million has been proposed by the company towards the end of this year for establishing the test bed.

Similarly, the Daegu city has also proposed to invest over USD857.63 million for developing the future vehicle, energy and medical care based IoT infrastructures in the coming future. In addition, Samsung has decided to help the start-ups residing in Daegu Creative Economy Innovation Center for coming up with new business models and related ideas for giving a boost to the regional economy. The company will also be offering IoT only network equipment for up keeping the development of technology. 

TechSci Research depicts that this initiative will provide an appropriate platform to the venture firms in developing innovative technologies and coming up with new services and products which will help in increasing the national and regional economy of the Daegu city.

The growing technological development, especially in IoT segment across the Asia Pacific region is developing the overall IoT ecosystem. Recently, TechSci Research published a report “India Internet of Things (IoT) Market Forecast and Opportunities, 2020” which depicts that IoT market in India is projected to grow at a CAGR over 28% during 2015- 2020.