Oh-Hyun Kwon, Vice Chairman and CEO of Samsung Electronics, speaks during the 'Internet of Things: Transforming the Future' conference at the Washington Post Live Conference Center in Washington, DC
Samsung will invest $1.2bn £816m in the US over the next four years to boost research, development and start-ups related to the growing Internet of Things IoT market, the company announced.
Unveiling its four-year research and development R plan at the "Internet of Things: Transforming the Future" conference in Washington DC, the company said the investment in "human-centred" IoT applications will be split evenly between its own internal R work and related startups.
In 2015, the company announced its Artik series, a new line of chips developed specifically for smaller, low-powered IoT devices.
Half of the investment will go directly to Samsung's two US research facilities in Silicon Valley to focus on and develop technologies that power IoT devices including products and chips.
The International Data Corporation IDC predicts that the global IoT market will be worth $1.7tn by 2020.
It's time to imagine the transformative potential of IoT for our societies – and learn how to achieve its human, social benefits at scale".