A new data monetisation solution announced by Samsung Electronics aims to allow users to share data by IoT devices and enable an ‘IoT data economy’.
Called the ‘Samsung ARTIK Cloud Monetization’, the solution allows device manufacturers and service providers to tap into an open ecosystem and create services plans that generate revenue directly from the interactions of devices and services.
This new data monetisation model allows device manufacturers take advantage of the Samsung ARTIK Cloud’s extensive interoperability features to generate new revenue streams and implement new business models, such as hardware as a service. IoT shifts device manufacturers’ operating model from selling hardware to selling hardware products connected to digital applications.
At present, the device makers have to face trouble while recovering data costs associated with free applications and supporting an ecosystem of third-party devices, apps and services. They have to either bear the data costs of operating devices in the field, or factor in anticipated data costs to the retail price of devices. This is where ARTIK plays an important role by providing a complete brokering, metering and payments system.
The solution gives device manufacturers an easy way to make their devices interoperable with third-party devices and applications, and monetise data usage. Moreover, they have the flexibility to define service plans that meet their business needs.
Earlier this month, IHS Markit reported Samsung outnumbering other players in the semiconductor market in second quarter of 2017, by generating revenues of $15.5 billion. But on the contrary, it said that the rapid growth in revenues by the company is more a reflection on market supply-and-demand issues rather than a successful long-term strategic plan by either company.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.