The Ministry of Science, ICT and Future Planning has announced that South Korea's IoT market was worth 4.8125 trillion won ($3.97 billion) in 2015, a 28 percent jump from 2014's 3.7597 trillion won ($3.1 billion). Revenue from related devices was 2.2058 trillion won, accounting for 45.8 percent. Network was the runner-up with 1.4848 trillion won, at 30.9 percent. In terms of the businesses in which they were used, personal services -- including smart home and healthcare -- accounted for 31 percent. Payments were at 19.5 percent and tourism and culture were together 8.5 percent. A total of 1,212 companies were engaged in IoT businesses. Companies with employees numbering between 10 to 49 people accounted for 51.4 percent, meaning many startups and small enterprises were engaged in IoT businesses. "We will strengthen our efforts to foster startups and small and medium-sized enterprises that are working in IoT," said the ministry in a statement. Source: ZDNet.co.kr
South Korea's Internet of Things (IoT) market in 2015 jumped by 28%, YoY, to nearly $4bn, with personal services, such as smart home and healthcare, accounting for 31%. Around 1,212 firms were involved in IoT businesses with employees numbering between 10 to 49 accounting for 51.4% of those, highlighting that many start-ups and small enterprises were involved in IoT businesses. Last year it was announced that South Korea had topped the global ranking on the number of IoT connected devices, following plans that the South Korean Government was investing $5bn by 2020 in IoT and smart cars.