LG Uplus partners with Verizon in IoT

By Lee Min-hyung

LG Uplus Vice Chairman and CEO Kwon Young-soo speaks at a press conference, on the sidelines of this year’s Consumer Electronics Show (CES) at the Las Vegas Convention Center, Friday (local time). / Courtesy of LG Uplus

LG Uplus is extending its internet of things (IoT) business portfolio into industrial sectors by forging a partnership with U.S.-based telecom giant Verizon.

“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,” LG Uplus Vice Chairman and CEO Kwon Young-soo said in a press conference, on the sidelines of this year’s Consumer Electronics Show (CES) in Las Vegas, Friday (local time).

The remark came as the Seoul-based mobile carrier is seeking leadership in the nation’s home IoT industry for which the firm holds more than a 75 percent market share. In its bid to expand its presence overseas, Kwon went to the world’s most influential tradeshow last week.

“Verizon has expertise in industrial IoT and big data management solutions,” he said. The LG Uplus chief pledged to tighten its alliance with the U.S. telecom firm by sharing its home IoT business know-how and learning the latter’s IoT expertise in the business-to-business (B2B) sector.

Kwon took office at the nation’s third-largest mobile carrier in December 2015. He has since called for the need to become Korea’s No. 1 IoT operator.

“The world’s top-tier electronics firms ― LG Electronics and Samsung Electronics ― are leading the global IoT industry,” he said. “Backed by the move, the IoT market will take a more concrete shape at a faster pace, which is why we also have confidence in the IoT business.”

He also underlined the growth potential of the artificial intelligence (AI) business.”

“LG Electronics boasts expertise in AI technologies ― such as voice recognition,” he said. “We believe we can generate more AI business opportunities by strengthening group-wide collaborations within the sector.”

Over the fifth-generation (5G) network, he said the next-generation wireless system should come when the time is ripe.

“We will conduct a thorough review about the next network. 5G is not about who the first mover is, but who embraces it in a timely manner.”

The remark came at a time when mobile carriers here and abroad are hyping their plans and achievements in the area, as 5G is cited as the building block for emerging technologies ― including the big data-based AI solutions and connected vehicles.

To boost its presence in the upcoming smart vehicle era, Kwon said he held a series of closed-door meetings with a group of automakers at the tech fair.