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According to industry forecasts, the Internet of Things (IoT) is going to be a major money-maker for IT vendors over the next several years. Today, with the launch of its Artik Cloud Monetization for the Internet of Things service, electronics giant Samsung is paving a path toward new business models that can help manufactures extract more value out of their connected devices.
Samsung's new offering makes it possible for technology vendors to unlock new revenue streams from IoT-enabled data services, applications and hardware-as-a-service offerings, among other yet to be devised business models. Powered by Artik, Samsung's cloud-based commercial IoT platform, it enables original equipment manufacturers (OEMs) to make their products interoperable with third-party applications and devices, and of course, it offers tools to track and charge for data usage.
"To maximize the value of their IoT products, device manufacturers are developing new business models that support free applications, connected service fees and an ecosystem of third-party devices," said James Stansberry, Senior Vice President and Global Head of Artik at Samsung Electronics.
"Samsung's new Artik Cloud Monetization solution enables connected device manufacturers to create sustainable paths to profitability by providing a complete brokering, metering and payment system to share and monetize device data across internal and external ecosystems," continued Stansberry. "Simplifying data monetization will accelerate the IoT data economy."
Using the Artik Cloud developer portal, customers can define service plans that suit their requirements and financial goals. As their devices sling data across the IoT, Samsung's platform manages upgrades, meters interactions, handles payments and sends OEMs their share of collected revenues.
Artik Cloud Monetization for the Internet of Things follows several recent moves by Samsung to grow its ecosystem IoT solutions.
In May, the South Korean electronics manufacturer announced its Artik 053 module for highly-secure edge devices like smart appliances, healthcare equipment and industrial automation systems. Earlier this month, the company announced that its 530 and 710 gateway modules had been certified on SAP's Leonardo IoT Edge platform for high-performance computing on the edge.
"The powerful Artik modules provide an excellent choice for customers looking to deploy SAP Leonardo IoT Edge computing in IoT projects," remarked Christoph Inauen, vice president of IoT Go-to-Market and Partnerships at SAP, in a July 11 announcement. "We see this capability as particularly important for OEMs and manufacturing customers that produce large quantities of data, and want to process some of that data locally for latency, cost or reliability reasons."
Pedro Hernandez is a contributing editor at Datamation. Follow him on Twitter @ecoINSITE.