(MENAFN) South Korea's science and industry ministries intend to invest USD110.7 million on improving the wearable device industry throughout 2020 as part of efforts to secure new growth engines for the nation.
In more detail, both ministries will allocate a joint USD96 million on development of related technologies, and the remaining USD14 million will be mainly targeted at operating support centers for domestic companies.
It might be true that the current wearable market focuses on smartwatches for daily usage, the scope of application will expand to more professional areas such as defense in the near future, as explained by the ministries.
"While the wearable market is still at the initial stage, considering global companies' efforts to roll out new products, the industry will expand in a full-fledged manner starting 2017," stated the ministries in a joint release.
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