Korea’s LG Uplus has announced plans to expand its IoT business into industrial sectors through a partnership with Verizon.
LG Uplus currently stands as Korea’s third-largest mobile carrier, and claims to have 75% IoT market share in the country. According to the Korea Times, the partnership will aim to share LG Uplus’ generalist IoT expertise in exchange for Verizon’s skills in the business-to-business sector. The tie-up between the two will mirror partnerships between Asian and American telcos in the 5G world, which has been a contributing factor in the fast progression of the technology to date.
“Our first meeting with Verizon was as satisfying as we had expected, even if no specific progress has been made about how we will extend our home IoT presence into the North American market,” said LG Uplus CEO Kwon Young-soo.
Industrial IoT is particularly relevant in the manufacturing segments where business cases range from quality control, sustainable and green practices, supply chain traceability and overall supply chain efficiency. While it may not be the most fashion-conscious area of IoT, LG Uplus is certainly targeting a potentially profitable one.
With Amazon and Google launching smart home initiatives, have the telcos missed out on their chance to cash in on this market?
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