The South Korea government aims to increase the South Korea market value for the Internet of Things (IoT) from KRW2.3 trillion in 2013 to KRW30 trillion (US$28.9 billion) in 2020, much larger than Machina Research and Stracorp's projected five-fold growth in global IoT market value from US$200 billion in 2013 to US$1 trillion in 2020, according to Digitimes Research.
The South Korea government also aims at 350 small- to medium-size enterprises focusing on exports of IoT services/products with 30,000 employees, as well as a 30% hike in production efficiency for the enterprises that will have adopted IoT in 2020, Digitimes Research indicated.
The South Korea government in May 2014 came up with an IoT development master plan for developing IoT services and products through setting up an open IoT ecosystem consisting of service, platform, network, device and IT security sectors, as well as collaboration among enterprises of varying sizes and in various industries.
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