(MENAFN) SK Telecom Co., South Korea's major mobile carrier, plans to invest USD83.7bn in a nationwide network of the Internet-of-Things (IoT) by the end of this year, based on reports.

In accordance, the leading provider intends to utilize its power-efficient Low Power Wide Area Network technology to embrace numerous IoT devices throughout the nation.

Moreover, the work on the massive project will extend over the following two years, plus the planned investment amount is subject to be increased by raising funds from other sources.

IoT is a concept in which all tangible objects are linked to the Internet and can identify themselves to other devices in order to exchange necessary data for better efficiency and convenience.