SHANGHAI ― KT chief executive Hwang Chang-gyu urged the world’s leading mobile carriers and manufacturers to collaborate in establishing the so-called “GiGAtopia,” referring to a mobile environment connected through superfast gigabit technology.

“In order to vitalize the Internet of Things and realize GiGAtopia, an industry consensus should be reached first before standardizing the IoT technology, and establishing an IoT hub for data sharing,” the KT chief said in his keynote speech at the 2014 Mobile Asia Expo.

He also suggested building a global IoT forum, which would allow device manufacturers, mobile carriers and start-ups to share visions and discuss technology standards.

Standardizing the IoT technology could save unnecessary costs and boost user experience, the CEO explained.

There have been limits to spurring IoT technology as different types of sensors embedded in a wide range of devices blocked and slowed data-sharing in part due to a lack of technological standardization.

The IoT industry is expected to grow into a 19 trillion won ($18.7 billion) market over the next decade, according to KT’s research arm DigiEco.

With the envisioned hub, Hwang said device makers, software developers and mobile services providers can create an ecosystem in which they can freely share data.

“In the upcoming IoT era of fast connections, KT will create an open platform to provide future-oriented services featuring gigabit technologies,” said Hwang, a former head of Samsung Electronics’ semiconductor business.

The KT CEO, who took the helm of Korea’s largest telecom company in January, also announced his plan to develop five new growth engines, including smart energy grids, smart transportation and smart security systems based on the company’s gigabit technology.

The Korean company showcased its gigabit Wi-Fi network enabling mobile users to use wireless Internet at a processing speed of 1.3 Gbps, three times faster than that of the current Wi-Fi on the market.

During the annual trade show, the KT CEO met with top executives of the GSM Association, the organizer of the MAE, and the top brass of telecom firms, including China Mobile and Telecom Italia, to discuss collaboration plans in developing gigabit technology.

By Kim Young-won, Korea Herald correspondent (wone0102@heraldcorp.com)