SK Telecom teams up with Telecom Italia on IoT
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SK Telecom CEO Ha Sung-min, left, shakes hands with Telecom Italia CEO Marco Patuano during the latter’s visit to SK headquarters in Eulji-ro, downtown Seoul, Wednesday. The two are seeking to boost their partnership in the Internet of Things. / Courtesy of SK Telecom
By Kim Yoo-chul
SK Telecom said Wednesday it has agreed with Telecom Italia to develop faster networks together and search for new business opportunities in the Internet of Things (IoT).
“SK Telecom discussed with Telecom Italia how to develop business models for the IoT and to proceed with projects related to long-term evolution (LTE) mobile technology," SK said in a statement.
The meeting was attended by SK Telecom CEO Ha Sung-min and his Telecom Italia counterpart Marco Patuano and took place at SK's headquarters in Euljiro, downtown Seoul, Wednesday.
A company spokesman said the meeting was aimed at sharing ideas in businesses the firms are mutually interested in, as well as developing business portfolios on new tech trends.
The Korean mobile carrier declined to give specific details on the high-profile meeting, however.
European mobile carriers are pushing for projects in IoT and Telecom Italia has become one of the continent’s leaders as it searches for new revenue streams to replace traditional sources that are being stretched by tough market conditions.
According to analysis by U.S.-based networking giant Cisco, the IoT market is expected to grow into a $19 trillion won industry over the next decade as IoT networks for sectors such as traffic systems, shipping and industrial manufacturing take shape.
For SK Telecom, healthcare and the public sector are the two target markets that need to be developed.
SK has also made ties recently with mobile carriers from Indonesia, China, Malaysia, Mongolia and Taiwan.
The company added that it will expand its partnerships with technology companies and mobile carriers in Africa and Latin America as telecoms there have a significant interest in IoT.
The need for comprehensive mobile network coverage for connections between devices and content means mobile carriers are in a prime position to enhance their role in IoT.