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Sales of IoT firms up 23 pct in 2017

2018/02/12 10:13

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SEOUL, Feb. 12 (Yonhap) -- The combined sales of Internet of Things (IoT) companies in South Korea rose 23.4 percent in 2017 from a year earlier, a survey showed Monday, amid growing demand for new technologies.

Domestic sales and exports of IoT companies came to 7.16 trillion won (US$6.6 billion) in 2017, compared with 5.8 trillion won in 2016.

The survey of local IoT firms revealed that domestic sales jumped 22.7 percent on-year to 6.65 trillion won while exports rose 34.6 percent to 510 billion won.

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.

The latest findings also said the number of people hired by IoT companies stood at 479,734 last year.

The survey was based on 528 firms, according to the Ministry of Science and ICT.