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The growth of global IoT market is being led by startups and small firms these days.
The growth of global IoT market is being led by startups and small firms these days.

 

According to market research firm Gartner, the global IoT market is estimated to grow from US$698.6 billion to US$1.3 trillion between last year and 2019. Under the circumstances, AT&T is planning to enter the market by forming a strategic partnership with Amazon Web Services and IBM is going to invest US$3 billion in order to combine the Watson’s cognitive computing ability with the IoT. Cisco recently acquired Jasper Technologies, an IoT service provider, for US$1.4 billion. In 2015 alone, more than 80 large M&A deals were signed in the IoT industry and the number increased about sevenfold in comparison to 2010.

In South Korea, ICT companies and mobile carriers are focusing on the three IoT market segments of smart home, smart city and connected car along with the enrichment of the ecosystem of the industry. In this context, SK Telecom and KT are making use of the LoRA network and Home IoT with smaller firms and startups in the industry for open innovation and lock-in effects alike.

It is in the same context that Cisco set up its IoE innovation center in Songdo, South Korea and developed a smart city planning solution with N3N, a South Korean startup. Likewise, SparkLabs is currently recruiting firms to join its IoT accelerator program SparkLabs IoT. Those selected for the program are to be given networking support and mentoring by experienced experts. “These days, the growth of the global IoT market is being led by startups and small firms,” said an industry source, adding, “Cooperation between them and global giants is becoming increasingly frequent as in the case of Google and Nest.”

 

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