Finding opportunity in global IoT market

The Internet of Things business has become an undeniable trend in industry and technologies. Various industries and business can collaborate to create IoT, and as the products, technology and services of the partners can redefine a company, the needs to establish customer service and value chain through integrated services is growing. Korea is an IT leader with the second highest preparation for IoT. What can we do to become a true global power leading the changes?

First of all, the private sector needs to more aggressively engage in the competition for global IoT leadership. We don’t need to assume that Google and Apple would monopolize IoT service platform as they did for mobile devices. In the recent CES 2016 in Las Vegas, Allseen Alliance, a cross-industry consortium of the Linux Foundation, was prominent. While it may take time for commercialization of standard products, the need for collaboration teaches so much to Korean companies. Korean conglomerates need to embrace innovative startups and small yet solid companies aggressively to enhance interoperability.

The government should strongly pursue inter-agency governance system for industrial promotion of IoT. Based on consensus and agreement that IoT is a strategic investment for the future, the direction of industrial and technological growth should be shared among ministries. The government should understand obstacles from private and corporate sectors’ perspective and offer assistance and deregulation. It should provide an environment for bold challenges by creating new rules like regulation-free zone and global testbed and break off existing limits and restrictions.

It is important to establish a system of opening and sharing so that state R&D outcomes could lead vitality of the private sector.

The biggest buzz of the CES 2016 was the driverless cars, and the United States is leading the industry as it had launched the National Automated Highway System in 1991 and nurtured technology development of the private sector through the Department of Defense’s autonomous vehicle competition in the early 2000s. As the fourth stage of autonomous driving, the most complete level of driverless car, is imminent, Korean companies cannot even test at home and spend six months in Arizona to test vehicles.

Not every country has solid ICT infrastructure, makes appliances and automobiles and have outstanding security. While we became aware of the crisis in the CES, Korea still has a chance if we turn the threats into opportunities. The only way to become a global leader in IoT is through sharing, collaboration and connection among participants.

by Baik Kee-seung, President of Korea Internet & Security Agency