Samsung CEO: IoT business set for “exponential” growth

Samsung CEO: IoT business set for “exponential” growth

samsung devices at risk

Speaking at CES 2017, Samsung CEO Yoon Boo-Keun has stressed the potential that lies in the Internet of Things (IoT).

Samsung is set to explore even more IoT opportunities over the coming months and years, after a statement of intent from CEO Yoon Boo-Keun this week. The moves will cover its already successful connected device business, further R&D and acquisitions of technologies and operators both globally and domestically.

“Though the IoT business has not been flourishing yet, we are gearing up for the IoT era by developing platforms, devices and sensors while acquiring businesses like Viv Labs, Joyent and Harman,” Yoon said during a press conference in Las Vegas yesterday.

Read more: From VR to IoT, tech giant’s creative lab unveils tech of the future

Yoon also took the time to compare the state of play for the IoT in the USA and Korea. Countless consumers and businesses are already benefitting from more connected devices and technologies in the USA, while the Samsung CEO pointed out that the same level has not been reached in Korea because its potential has not yet been widely recognized by consumers.

“Whereas the IoT business in Korea has remained slow in progress in the last two years, I believe it can jump exponentially in the future,” he said.

Samsung puts total connectivity at the heart of its ambitions

2016 was a big year for Samsung in terms of the IoT. As well as partnering with MTS and Nestle to explore opportunities in 5G and digital healthcare respectively, the Korean technology giant announced a four-year IoT R&D plan to the tune of $1.2 billion and launched the Artik IoT cloud service.

Looking forward, Yoon suggested that ‘connectivity’ would also be a key concept for the company’s consumer business in the coming years. He said that Samsung is aiming to make all home appliances and digital devices interconnected through Wi-Fi controllable with a single, integrated application. The aim is to realize this ambition by 2020.

Read more: Korean tech giant partners with MTS to explore IoT opportunities

Yoon also claimed that Samsung will extend its B2B drive and concentrate more on IoT home appliances this year.

“Though we have not fully engaged in the B2B sector so far, we can boost it in the North American and European markets based on the recently integrated local subsidiary dedicated to air conditioner business,” he said. “In particular, boosting the IoT and the B2B will be one of our biggest tasks of the year.”

Read more: Tech firm and Nestle to create IoT platform for healthcare