Kim Dae-hoon, chief executive of ICT solutions developer LG CNS, said the company seeks to lead in the era of Internet of Things with its service-oriented technologies.

IoT is a term that describes a connected network of objects.

He urged businesses to respond swiftly to the fast changing business environment in this era of connected products. 

“LG CNS has capabilities in developing IoT platforms and systems for a range of businesses such as smart homes, health care, manufacturing, and security and will be able to provide top-tier IoT services for customers,” Kim said Tuesday in his keynote speech at the 15th Entrue World 2015, an annual IT conference in Seoul.

Around 1,500 officials from government agencies, IT firms and academia participated in the conference, which was organized by the LG affiliate.

The company has been leading projects to establish public transportation systems in Seoul and global cities including, Wellington in New Zealand, Bogota in Colombia, and Athens in Greece.

The company also partnered with Internet giant Daum Kakao to develop the smart mobile payment system Kakao Pay, and will work with global power suppliers to develop smart grid systems, such as the system in Mubarak AI-Kabber, Kuwait.

“The company will aim to achieve the firm’s vision to become a global leader in smart technologies and services by 2020,” Kim said.

Data compiled by global research institutes, including Gartner and BI Intelligence, showed that more than 80 percent of revenue in the IoT market will come from service-oriented IoT technology.

Kevin Ashton, a consumer sensor expert who first coined the phrase “the Internet of Things” in 1999 and is referred to as the “father of the IoT,” also spoke at the event. He emphasized the need for a fast transition from IT to IoT, calling it “the new paradigm of the 21st century.”

He said tech firms who do not try to keep pace with the transition to IoT could find themselves in a downward spiral like Sony. Ashton also said sensor technology, which will connect people and their objects, would play an important role in the IoT businesses.

“When we talk about the Internet of Things, what we are talking about is a nervous system for humanity, and a nervous system for the planet to sense in real time what is happening in the human civilization and make the best decisions as a result,” said Ashton, adding “this is an incredibly powerful transformation.”

By Kim Young-won (wone0102@heraldcorp.com)