Internet of Things market saw substantial growth in 2014

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Internet of Things market saw substantial growth in 2014

The Internet of Things (IoT) market in Korea grew nearly 30 percent last year compared to a year earlier.

However, data from the Ministry of Science, ICT and Future Planning on Tuesday showed that most of the expansion came from the device and network sectors, while sales of platforms and related services grew little.

Sales of Korean IoT tech at home and overseas grew 28 percent last year compared to 2014, posting 4.8 trillion won ($3.96 billion). Device sales accounted for 45.8 percent of the total, at 2.2 trillion won, while IoT network-related sales accounted for 30.9 percent, or 1.48 trillion won.

IoT technologies and products were most used in personalized service industry last year, including smart homes and healthcare systems, followed by payment services.

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