SEOUL, March 16 (Korea Bizwire) – South Korea’s top mobile carrier SK Telecom Co. said Wednesday it will establish a nationwide network of the Internet-of-Things (IoT) by the end of this year and bolster its related business as the segment has emerged as a new growth engine for the telecom industry.
SK Telecom said it will utilize its power-efficient Low Power Wide Area Network technology to embrace various IoT devices throughout the country.
The mobile carrier plans to make an investment of 100 billion won (US$83.7 million) over the next two years for the project, while the amount could also rise by raising funds from other sources.
IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices in order to exchange necessary data for improved efficiency and convenience.
The South Korean firm also said it will hunt for prominent IoT-related ventures to establish ties to develop various services and products.
“Based on the power-efficient network designated for IoT devices, various ventures and start-ups will provide consumers with full-fledged IoT services,” SK Telecom said.