Government will support IoT home appliances research

The government unveiled a plan Thursday to help Korean companies develop home appliances utilizing Internet of Things technology, its latest initiative to help the economy break through its current downtown.

The Ministry of Trade, Industry and Energy said that it would invest 500 billion won ($416 million) for research and development in IoT for the next five years. The main goal is to encourage companies to develop cutting-edge system semiconductors and high-tech sensors that are key components of IoT.

The ministry explained that IoT home appliances will be the growth engine for Korea’s home appliance industry and will help vitalize the home appliance market as well as related industries like semiconductors.

The IoT home appliance market is experiencing rapid expansion. Last year, the size of the market was about $5.2 billion. The ministry estimates that this will grow as much as to $34 billion by 2020, about 48 percent annual growth.