A new cloud tool from Samsung could help businesses make money off of the data shared among their Internet of Things (IoT) devices and the interactions between devices and services, a Monday press release said.

The Samsung ARTIK Cloud Monetization for the Internet of Things (IoT) is a new service that device manufacturers and service providers can use to build new revenue models based on their IoT data and enable what Samsung calls “an IoT data economy.”

Many IoT device manufacturers have to spend money hosting free applications and supporting their device’s ecosystem. Currently, the release said, most companies either eat that cost or try to factor it into the upfront cost of their devices before they’re sold.

SEE: Internet of Things policy template [download] (Tech Pro Research)

The goal of Samsung’s new offering is to help these entities recoup some of the money they’ve spent on data costs by creating service plans that generate revenue based on how the devices interact with certain services. It offers brokering, metering, and payments, making it easier for manufacturers to connect their device to third-party devices and applications and generate revenue from those interactions, the release said.

Device manufacturers can build out and define their own service plans through the Samsung ARTIK Cloud developer portal, the release said. User behavior is measured against the plan by Samsung ARTIK Cloud, which also manages plan upgrades and payments.

“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,” James Stansberry, senior vice president and global head of ARTIK at Samsung Electronics, said in the press release. “Like the mobile phone industry, IoT will be driven by open systems, interoperability and support from innovative applications.”

Models can be customized and tailored to the specific needs of the manufacturer and its products. Interested parties can get started for free with the new cloud service, and more information can be found on Samsung’s website.

The 3 big takeaways for TechRepublic readers

  1. Samsung’s ARTIK Cloud Monetization for the Internet of Things wants to help IoT device makers generate more money off of interactions between IoT hardware, applications, and services.
  2. Companies can build out and customize their IoT services plans, charging for data usage relative to particular services.
  3. The tool offers brokering, metering, and payments systems, and it will handle plan upgrades as well.