Samsung Electronics Co., Ltd. has launched a new service, Samsung ARTIK Cloud Monetization for the Internet of Things (IoT), to monetize data shared by IoT devices and to enable an IoT data economy.
A press release announcing the news explained that for the first time, device manufacturers and service providers can tap into an open ecosystem and create service plans that generate revenue directly from the interactions of devices and services. Samsung ARTIK Cloud’s extensive interoperability can help generate new revenue streams and implement new business models, such as hardware as a service (HaaS).
“Samsung is committed to growing the IoT data economy,” said James Stansberry, senior vice president and global head of ARTIK at Samsung Electronics. “Samsung ARTIK™ Cloud Monetization uniquely positions us to help device manufacturers find new ways to make money from IoT and enable more applications for their customers. This is part of our long-term strategy to facilitate the development of secure IoT products and services, promote wide-scale interoperability and create a platform and business model for an entire IoT ecosystem to thrive. Like the mobile phone industry, IoT will be driven by open systems, interoperability and support from innovative applications.”
Device manufacturers and enterprises often have difficulty recouping data costs associated with free applications and supporting a network of third-party devices, apps and services. Samsung ARTIK Cloud Monetization takes care of these issues by providing a complete brokering, metering and payments system, giving device manufacturers an easy way to make their devices interoperable with third-party devices and applications, and monetize data usage.
“The problem with IoT [the Internet of Things] is that many hardware companies are selling products without a clear view on sustainable business models. There’s a lot of pressure now to monetize data,” said Dilip Sarangan, global research director for IoT & digital transformation at Frost & Sullivan. “Samsung ARTIK™ Cloud Monetization is out front in addressing a crucial need in the market. It can help hardware developers monetize solutions without necessarily putting in all the effort themselves. This is a huge value proposition, especially on the consumer side, which has an untapped potential, but also on the enterprise side.”