Internet of Things (IoT), the interconnection of embedded computing devices within the existing internet infrastructure, is the future of smart business. It allows wider connection between devices, which is critical in setting an effective smart environment. Connected devices share data and offer customized services through comprehensive big data analysis. Wearable electronics or connected car technologies all require advanced IoT technology.
According to the Financial Times and multiple industry experts, IoT is expected to start the second mobile app boom. Financial Times also added that Apple has introduced a developer kit, Watchkit, which helps the developers to build an app for the Apple Watch. Deloitte consulting mentioned that while the mobile app downloads are declining, wearable electronics will promote new apps market.
Korean startups are paying attentions to IoT as well. magicEco (CEO Jae Gyu Choi) recently introduced a smart desklamp, Lumi Smart. The lamp is controllable anywhere with an mobile application. The installed camera and sensors recognize a person’s behavior and automatically turns the light on or off. For example, if a person falls asleep reading a book, Lumi Smart recognizes the idleness and turns the light off.
n.Thing is another Korean startup that focuses on IoT. The company developed a smart vase, Planty, which allows farmers to check the temperature and soil moisture level via smartphone mobile application. Another startup, I.M.LAB introduced a smart lay figure with electronic sensors for medical education purposes. When a student practices CPR on a dummy , it gives a live feedback on a mobile application.
Tech giants’ active supports on IoT startups reflect the trend. SK Planet, a Korean digital commerce and internet service company, also hosted Creator Planet conference, which aims to support Korean startups with unique IoT business ideas. Yoon Ho Chun, CTO of SK Planet, commented that SK Planet hopes to “create opportunities to share IoT business ideas and help creting new values.”