LIVE FROM CES 2015: Device giant Samsung – struggling with declining market share in the smartphone space – sees the nascent Internet of Things (IoT) sector as the industry’s next big revenue opportunity, but only if all players work together and adopt an open approach.
That was the underlying theme from Boo-Keun Yoon, president and CEO of Samsung Electronics, in the pre-show opening keynote this evening.
“It is arguably the most important topic for our industry right now,” something that “will revolutionise our lives” and “unlock infinite possibilities,” he told a packed auditorium.
Yoon claimed that 90 per cent of all Samsung’s products will be IoT devices by 2017, and is targeting 100 per cent connectivity by 2020. However, Yoon and his various guests – including economist Jeremy Rifkin; Hosain Rahman, CEO and founder of wearables company Jawbone; Elmar Frickenstein, a senior VP at car manufacturer BMW; and Alex Hawkinson, CEO of Samsung’s recently acquired SmartThings business – all agreed that an open ecosystem is necessary if the market is to flourish.
To that end, Yoon made a promise: “Our IoT components and devices will be open. We will ensure all other devices work with us. We started this approach when we acquired SmartThings, and we promised to keep it open.”
And Yoon revealed that Samsung will invest more than $100 million in the developer community this year to support growth of new applications in the IoT space.
“The whole industry has to pull together. It’s obvious the industry will touch every aspect of our lives and revolutionise every industry. We have to strike partnerships everywhere,” concluded Yoon.