South Korea's top mobile carrier SK Telecom Co. said Wednesday it has agreed to cooperate with Samsung Electronics Co. on a power-efficient network technology utilized for Internet of Things products.
  

Under the deal, SK Telecom and Samsung will develop the Low Power Wide Area Networks technology, which allows long-range communication with less energy consumption.
  

SK Telecom said it aims to develop new modules that use the LPWAN technology. The telecom company said the technology can be applied in various areas of everyday life, including tracking locations of bicycles or managing street lights.
  

The move came as local tech firms have been battling to tap deeper into the IoT industry, regarded as a new growth engine for tech firms.
  

LG Uplus, South Korea's No. 3 mobile carrier also said Tuesday it will seek to open its platforms to partners and developers, and help them join the IoT industry easily, hoping this will help create new business opportunities.  
  

IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices in order to exchange necessary data for improved efficiency and convenience. (Yonhap)