The boundaries between industries may collapse by 2020 due to Internet of Things (IoT) diffusion, which will lead to the dawn of the limitless competition age.
As a speaker at the “5th KCCI Management Concert” at the headquarters of the Korea Chamber of Commerce and Industry (KCCI) in Sejong-daero, downtown Seoul, on Sept. 24, Kim Jee-hyun, adjunct professor of the Graduate School of Information & Media Management in KAIST, presented a new industrial paradigm for 2020.
Kim said, “The age of the IoT where all things, beyond computers, tablets, and smartphones, are connected to the Internet, is on its way. In the 2020s, a 'Provice Paradigm' will lead the Korean economy.” He explained that “provice” is a compound word of product and service, and it means production-bearing services.
Kim added, “In the 'Provice Paradigm,' all companies will blur the lines between industries in a bid to take possession of 24 hours of users, and undergo unlimited competition in a new area of dissolution and reintegration between hardware, software, and networks, rather than a separate sector.” He cited the “Dash” stick, which was launched by Amazon, as the example. It is a device that allows one to easily add items to an Amazon shopping cart by scanning barcodes on packaged goods such as snacks, detergent, or bottled water.