(MENAFN) Indicating more local firms are jumping on the IoT bandwagon, South Korea's market for the Internet of Things (IoT) products and services grew 28 percent on-year in 2015.
The data compiled by the Ministry of Science revealed that the nation's IoT market was valued at USD3.96 billion for the past year, as opposed to with USD3 billion reported a year earlier.
Additionally, of the market, IoT products accounted for 45.8 percent, followed by network operators with 30.9 percent, not to mention there were 1,212 IoT companies as of end-April.
The IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices in order to exchange necessary data for improved efficiency and convenience.
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