The Ministry of Science, ICT & Future Planning held an inauguration ceremony for the Open Alliance for Internet of Things Standards (OCEAN) on Dec. 16 at the COEX convention center, Seoul, aiming to foster the IoT industry.
The purpose of creating the OCEAN is to share open source and software products that are developed based on the IoT international standard oneM2M to help enhance coordination between companies and help develop the IoT industry. Over 50 firms and institutions, including the Korea Electronics Technology Institution (KETI), Korea Electric Power Corporation (KEPCO), and SK Telecom are participating.
Companies that participated in the inauguration were given access to download open source tools for the IoT platform based on oneM2M, so that they could utilize them in commercializing various services and platforms.
The Ministry stated that it is expecting that OCEAN could lead the companies, which are aiming to commercialize IoT, to form a coalition and help IoT-related businesses quickly take root in the industrial ecosystem.
In the forum, KETI showcased an IoT platform with oneM2M support, which had been developed through government subsidization, to telecommunication and platform firms, device and service companies, and software and device developers, introducing how it could be utilized along with some application cases.
According to the Ministry, the domestic IoT market scale is estimated to be 17 trillion won (US$15.5 billion) by 2020.