SEOUL, AJU - LG Electronics has forged a partnership with Chinese smart home technology company Lumi to co-develop artificial intelligence and internet of things technology to strengthen its competitiveness in the rapidly growing global smart home market.
The South Korean tech giant said in a statement on Wednesday that it signed a memorandum of understanding with Lumi to jointly develop artificial intelligence (AI) and internet of things (IoT) technology and release smart home services based on new technologies.
Lumi, based in the southern town on Shenzhen, is China’s leading smart home company. The tech giant has sold more than 10 million units of IoT devices since it started operation in 2009.
A smart home solution is a network solution which connects smart devices such as smart TVs, air conditioners, security cameras and other IoT devices. Users can access the network from anywhere to control the appliances. The global smart home market, led by Amazon and Google, is estimated to reach $15.1 billion by 2024, according to global market research company MarketsandMarkets.
The two tech giants will jointly showcase a new AI smart home service at Internationale Funkausstellung Berlin (IFA), an annual electronics fair, scheduled to open on September 6.