Samsung on Wednesday said it would invest $1.2 billion in research and development in areas of ‘human-centered’ IoT and would work closely with industry and government to improve quality of life. This investment would be made over four years for US based internet of things R&D and will be led by Samsung Strategy and Innovation Center, Global Innovation Center and Samsung Research America.
“I am excited to show how we are moving IoT to the center of our strategy and am delighted to announce that Samsung is planning to spend $1.2 Billion in U.S.-centered IoT investments and R&D over the next 4 years,” said Samsung Electronics Vice Chairman & CEO Dr. Oh-Hyun Kwon.
He was speaking at an event entitled ‘Internet of Things : Transforming the Future’ in Washington.
Talking about the potential of IoT in changing human lives and improve the quality, he wished researchers do more R&D on healthcare and how technologies can help improve it.
“At Samsung, putting people at the center of everything we do is our highest value,” said Kwon. “The same must be true for IoT if we want to realize its full transformative power. Today, IoT is changing individual lives – helping people to age in their own homes. But tomorrow, using IoT, we can give the same independence to millions of Americans. We can keep people out of hospitals and nursing homes. As our populations live longer, these benefits and cost savings for society cannot be ignored.”
The Samsung CEO also spoke about his vision of ‘human-centered’ IoT. He suggested the industry and policy makers to focus on two things in order to get the maximum value out of IoT – to be open and collaborative.
“If we want innovators everywhere to make use of IoT, we must make sure all tools are open to them. This means technologies that connect to each other, because we know that boundaries around technologies hold back innovation and scale,” he added.
He also warned that sector-specific regulations would inherently fragment the development of IoT, impeding devices and platforms from connecting to each other.