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IoT Industry in Seoul: Potentials and Strategies

Dalho ChoㆍJaeuk JuㆍIn Hye Yu


Seoul Metropolitan Government(SMG) tries to promote businesses of Internet of Things(IoT) industry in Seoul which looks promising recently. Among whole Korean IoT industry, 40% of firms and workers are concentrated in Seoul. Most of these firms are small-sized. For example, 69% of Seoul IoT firms have less than 10 employees and 61% of Seoul IoT businesses are startups. Their sales are relatively small and their profits are around break-even point. They are heavily concentrated in two areas of Seoul: Teheran valley and G-valley. IoT businesses can be divided into four different industrial fields, in which Seoul has its advantages in services but weaknesses in devices.

IoT firms in Seoul provide new products and services by integrating IoT-specific technology with existing technologies. Hence, they have a very wide variety of businesses. For that reason, cooperation is very important for successful businesses. Cooperation is crucial among software and hardware, four different industrial fields of IoT, IoT and other industries.

This research gives statistical facts and characteristics of IoT businesses in Seoul and tries to provide a few policy measures for SMG. For example, startups in IoT business find that demonstration projects by SMG are great for business references nationwide and abroad. However, they do not like investors and SMG ask collateral and prototype product for test, respectively. We suggest policy directions and measures from the viewpoints of IoT startups in Seoul.



01 Introduction

1_Background and Purpose

2_Main Contents and Research Methods

3_Concept and Characteristics of IoT


02 Trends of IoT Business

1_Markets of IoT Business

2_Trends of four Industrial Fields of IoT

3_Key Areas of IoT Businesses


03 Overseas, Domestic and SMG Policies for IoT Business

1_Foreign Government Policies

2_Central and Local Government Policies of Korea

3_Policies of Seoul Metropolitan Government


04 Potentials and Characteristics of IoT Businesses in Seoul

1_Statistical Potentials

2_Voices of IoT Startups in Seoul


05 Policy Suggestions for SMG