South Korea's IoT market worth $4b in 2015

​South Korea's IT ministry has said that the local Internet of Things (IoT) market grew 28 percent last year to become worth $4 billion.

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.


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