New service unlocks revenue opportunities from interoperable devices and applications to enable an IoT data economy.
Samsung Electronics Co. Ltd. today announced Samsung ARTIK™ Cloud Monetization for the Internet of Things (IoT), a new service to monetize the data shared by IoT devices and enable an IoT data economy.
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. With this unique data monetization model, device manufacturers can take advantage of Samsung ARTIK™ Cloud’s extensive interoperability features to generate new revenue streams and implement new business models, such as hardware as a service.
For device manufacturers, IoT shifts their operating model from selling hardware to selling hardware products connected to digital applications. Today, device manufacturers often have trouble recouping data costs associated with free applications and supporting an ecosystem of third-party devices, apps and services. Manufacturers have to either absorb the data costs of operating devices in the field, or factor in anticipated data costs to the retail price of devices.
Samsung ARTIK™ Cloud Monetization addresses this problem by providing a complete brokering, metering and payments system. It gives device manufacturers an easy way to make their devices interoperable with third-party devices and applications, and monetize data useage. With the Samsung ARTIK™ Cloud developer portal, device manufacturers have the flexibility to define service plans that meet their business needs. Samsung ARTIK™ Cloud brokers and meters user interactions against the defined plan, and manages upgrades, payments and revenue share back to the device OEM.
“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.”
“Samsung ARTIK™ is leading the way in helping device manufacturers easily make their devices interoperable with third-party devices and applications, as well as be able to monetize data use, and we are excited to be part of the journey,” said Pete Horton, vice president of market development at Legrand. “The new data broker model helps Legrand focus on our core competency of building market leading devices, while also allowing us to benefit from Samsung’s open ecosystem of third-party apps and services. It’s the missing piece to the IoT puzzle.”
“We’re excited to partner with Samsung ARTIK™ on the new monetization model,” said Stefan Grosjean, founder and CEO of Smappee, provider of smart energy solutions. “Increasing the reach of devices while also providing a path to monetization is key to the successful evolution of IoT.”
“The problem with IoT 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, 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.”