B2B Payments

Samsung Takes Aim At IoT With New B2B Unit

In an effort to become a main player in the adoption of Internet of Things technology, Samsung has revealed a restructuring within its services to cater to the B2B crowd. According to reports, the tech firm has consolidated all of its enterprise-focused units to create Samsung Business, geared specifically toward B2B services.

Samsung revealed its new Business arm at the CeBIT 2015 keynote speech, made by Samsung Electronics President Dr. Won-Pyo Hong. The move, reports said, is in response to recent survey results that show 95 percent of businesses around the globe plan to adopt IoT technology over the next three years.

That same research, however, highlights three major hurdles faced by companies in this adoption process: platform compatibility, data management and analysis, and security.

According to reports, Samsung Business will look to break down these barriers through offering easily integrated services and interoperability within its products. Part of that process, Hong said, is making its B2B security service KNOX workable for non-Samsung devices.

To start, Hong said Samsung Business would first focus on the retail, education, health care, financial services, hospitality and transportation industries.

Samsung has hinted at a new business-service focus in recent months. Late last year, the company announced a new agreement with SAP to develop mobile applications for B2B companies in several industries, including the retail, finance and health care markets. The emergence of Samsung Businesses also follows a trend among Korea-based technology conglomerates that have shifted focus from B2C to B2B in recent years. Along with Samsung, LG Electronics, SK Hynix and others have all begun to focus on B2B operations.

An unnamed Samsung official told reporters last October that the company would be pursuing stronger business relationships with fellow Korean B2B firms like Suning. “The business-to-consumer segment is very volatile and highly competitive,” the officials said at the time, “so Samsung is now focusing on the B2B segment as it believes being a solutions provider means stability.”



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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