Iot Initiative
South Korea is successfully leading the growth of the global IoT industry. Samsung Electronics was recently praised as the most innovative enterprise in the IoT sector while a number of startups such as control system developer N3N are emerging in the field one after another.
Under the circumstances, Cisco Systems CEO Chuck Robbins visited South Korea on April 18 in order to have meetings with Samsung Electronics, SK Telecom, etc. The purpose of the meetings is to discuss how to cooperate in the IoT sector.
Cisco Systems formed partnerships for IoT expansion with Apple in September last year and Ericsson in November last year. In addition, Cisco Systems has acquired IoT startups to beef up its platform. It has sent requests for collaborations to the South Korean government and South Korean enterprises during the course, too.
Two years ago, Cisco Systems raised an IoT fund of US$100 million and made an investment in N3N. In 2013, it opened the Global Center of Excellence in Songdo, Incheon City for the development of IoE solutions for smart city development.
Not only Cisco but also global players like IBM, HP and SAP are focusing on the domestic IoT industry these days. This is because South Korea excels at manufacturing and ICT infrastructure. “Once South Korea, a manufacturing powerhouse, brings in service-centered business models through digital conversion, it can take the lead in the manufacturing networks in the Asia-Pacific region,” said Ross Fowler, president of Cisco's Digital Transformation and IoE Acceleration in Asia-Pacific and Japan.