Name: Korea to inject $48 million into developing core IoT technologies by 2019
Uploaded: 2014-05-12T18:38:06.000Z
Duration: 2 min 2 s
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The Korean government says it'll invest tens of millions of dollars in one of the hottest

and most talked about industries,... the Internet of Things.

Internet of Things envisions connecting items we use in our everyday lives to the internet...

in the name of convenience and inter-connectivity. Arirang News' Laah Hyun-kyung reports. 36

million dollars from the government and another 12 million from private sectors.

The Korean government is gearing up to foster new growth engines in the domestic technology

market. Micro Electro Mechanical System, or MEMS sensor

chips are one of the core technologies in the Internet of Things market,... which envisions

connecting everyday items such as phones, fridges and boilers to the internet.

The MEMS sensors, embedded in our devices, help analyze data by collecting and registering

changes of information such as temperature, light, sound and motion.

However most Korean companies currently import the chips because they don't have the technology

to produce them. And that is why the government is planning

to inject some 20 million dollars by 2019 into developing and manufacturing more of

these chips in Korea. Korea hopes to produce more than 2-hundred-20

million dollars worth of MEMS sensors by the year 2020.

That's a three-fold increase from what the country manufactured last year.

Another 16 million will go into developing devices that transfer data collected from

sensors to long-distance control centers. Korea is not able to produce such devices

yet,... but the government is rolling out ambitious plans to create a manufacturing

volume worth more than 500 million dollars by 2020.

Some industry experts wonder aloud whether the government's targets are realistic.

But others are hopeful... that Korea will be at the forefront of conceptualizing the

Internet of Things in real life... by utilizing its state-of-the-art IT and mobile telecommunications

technologies. Laah Hyun-kyung, Arirang News.