Korea’s IoT market grows by $1.5 bn every year: Survey

[Graphics by Song Ji-yoon]

South Korea’s Internet of Things (IoT) industry is growing by nearly 2 trillion won ($1.45 billion) every year as the number of Internet-connected devices increases.

According to a survey conducted by the Ministry of Science and ICT on Sunday, the country’s IoT industry’s revenue was estimated at about 25.12 trillion won in 2023, up by about 7.7 percent a year ago

The figure has been growing rapidly every year since 2021, when it surpassed the 20 trillion won mark on the back of the increasing number of devices connected to the internet and the growing number of fields applying IoT, such as connected cars and remote metering.

The country’s three major telecommunications companies - SK telecom Co., KT Corp., and LG Uplus Corp.- which provide services for businesses such as remote metering, including lines for IoT, are also engaged in competition for the IoT industry.

SK telecom has been expanding IoT in the connected car business by supplying infotainment systems to Volvo vehicles in partnership with TMAP Mobility Co.

The company has also been carrying out IoT line business in various fields since building a nationwide network for IoT in 2016, including the remote metering business for Korea Electric Power Corp. (KEPCO).

KT Corp. is also promoting Artificial Intelligence of Things (AIoT) business by combining artificial intelligence (AI) with shared kickboard companies and taxi digital advertising companies.

In kickboards, AIoT is used to perform functions such as automatically limiting speed when there is a pedestrian in front through an advanced driver assistance system.

LG Uplus Corp. saw a significant increase in the number of subscription lines by securing more than 2 million remote metering circuits from KEPCO in 2023.

Remote metering circuits have the advantage of securing a large number of circuits at once and can also be integrated with other corporate services. The company also supplies vehicle circuits to Hyundai Motor Co. and Kia Corp.

The telecom trios are also expected to bid for the remote metering infrastructure project being promoted by KEPCO.