The development of sensor products will play a key role in Korea's plans to ramp up the production value of related IoT (Internet of Things) products from KRW1.6 trillion (US$14.5 billion) in 2014 to KRW7 trillion in 2020, according to Digitimes Research.
Led by Korea's Ministry of Trade, Industry and Energy (MOTIE), the Korea government will push for self-sufficiency in production of sensor products, including smart sensors, sensor hubs and sensor fusion solutions and other niche/innovative sensors for IoT applications.
Korea's self-assessed its overall sensor technology rating at 64.7 (on a scale where the US rated 95, Europe 98 and Japan 97) in 2015, and therefore it still has to rely on imports of a number of sensor products, including accelerometers, gyroscopes, pressure sensors and other MEMS sensor products.
Under MOTIE's plans, Korea will inject a total of KRW150.8 billion to assist its small and medium enterprises to develop advanced sensor products, focusing on 10 sensor items, which include those related to imaging, inertial forces and pressure. The plans also call for the development of smart sensors integrated with logic, communications, signal processing ICs.
Meanwhile, Samsung Electronics will also play an important role for the development of niche and innovative sensor products for IoT applications, said Digitimes Research, noting that Samsung already acquired or committed investments in a number of hardware and software companies engaged in the development of IoT products in 2014-2015.
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