Samsung hopes to secure top spot in Internet of Things revolution

Ahead of CES 2015, Samsung's CEO talks future business, the Internet of Things and a rapidly changing tech industry.

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Samsung believes the Internet of Things will generate the next wave of consumer technology, and plans to secure a strong spot for the ride.

In an interview with Samsung's president and CEO, Boo-Keun Yoon, the executive said the Internet of Things (IoT) is likely to dramatically change our lives in the future.

IoT is, in short, the idea of connecting up home appliances and gadgets to the web. The applications of this concept are varied; from controlling home lights and security systems with your smartphone to smart fridges which tell you when items are about to expire -- or cars which alert their owners when faults emerge.

Smart meters are IoT applications which have been rolled out to a number of homes across the West. While smart meters better regulate energy use, they have caused privacy worries -- as each use of power is documented and stored, which can alert utilities to when people are at home, and even which room they are in. Not only this, but security is not being implemented to the correct standard in IoT devices, and often can be easily hacked into.

However, Yoon believes the "emergence of the IoT era" will "engages every facet of our daily lives, reducing the time, cost, and resources we would normally spend throughout a day."

The executive is a supporter of IoT, and claims the concept has already prompted considerable changes in the electronics giant's business model. IoT must be supported by a new ecosystem, both within and outside of the tech industry, and this in turn is promoting new business opportunities.

"The convergence of technologies will accelerate, and collaborations will multiply to fill the needs of consumers," Yoon said. "We at Samsung are committed to working with others to build the Internet of Things."

In August this year, the South Korean electronics giant snapped up IoT firm SmartThings. The US-based startup specializes in smartphone-operated home device controllers, and could prove to be a very valuable addition to Samsung's IoT portfolio.

The deal was signed for $200 million, according to reports.

Samsung is not the only company, however, interested in pursuing the Internet of Things. Rival Apple is also compiling an IoT portfolio, and has recently unveiled network protocol HomeKit for smart home inventions.

When asked what the future holds for Samsung, Yoon commented:

"There is no doubt that the IoT will lead the next wave of consumer technology, and Samsung takes great importance in contributing to this revolution and providing consumers with a variety of IoT experiences. Together with the entire industry, Samsung will continue to drive innovation and work together with others to realize the IoT era."

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