Samsung to Invest $1.2bn in US IoT Industry
The South Korean tech multinational has announced that it is to invest $1.2bn into the US Industrial Internet of Things (IIoT) industry over the next 4 years.
Samsung stated its investment will be spearheaded by its research centres and will have a human-centred approach, in an announcement made at a Samsung-hosted forum in Washington, D.C.
The investment will be distributed between Samsung’s own R&D as well as external start-ups.
Oh-Hyun Kwon, vice chairman of Samsung electronics, said the new wave of investment will put the IIoT at the centre of the company’s business model.
“Today, IoT is changing individual lives – helping people to age in their own homes. But tomorrow, using IoT, we can give the same independence to millions of Americans,” explained Kwon. “We can keep people out of hospitals and nursing homes. As our populations live longer, these benefits and cost savings for society cannot be ignored.”
In addition to this initiative, Samsung has also partnered with Intel to develop a national IIoT strategy for the US market.
The tech giants launched the National IoT Strategy Dialogue, an initiative that unites industry stakeholders and organisations, as well as IT Industry Council members in an effort to develop a comprehensive strategy for US policy makers with regards to IIoT.
We can keep people out of hospitals and nursing homes. As our populations live longer, these benefits and cost savings for society cannot be ignored. ”
“Samsung’s latest investment in the US tech market is indicative of its current refocusing on IIoT,” commented Charles King, Head of IIoT at Challenge Advisory. “The expansion of the IIoT industry will bring with it boundless lucrative opportunities for Samsung technology, especially in the sale of computer chips.”