Bosch to Launch IoT Cloud Network

German industrial company Bosch, which makes everything from auto parts to home appliances and industrial tools, has announced plans to create an IoT Cloud network as part of its goal to transition from purely manufacturing to both manufacturing and information technology.

The cloud network will be built around the company’s IoT Suite software platform, which provides services for managing devices and gateways, data analytics, as well as third party components and services. According to the company’s website, the platform is able to support all open standards and both public and private deployments. It also offers a high level of encryption and other security benefits. More than 5 million IoT devices are currently connected via the platform, according to a report from Reuters.

The new IoT Cloud network will initially be hosted in a data center in the company’s Stuttgart headquarters and be used in-house only, but by next year the company intends to offer it as a service to IoT companies and create other data centers around the world, a report in the Wall Street Journal stated.

The company says the new network can be used to help power and manage connected homes, smart cars, smart homes, as well as automate plant management. Bosch also says it will invest $550 million US a year in new technologies.

“There are product companies like Bosch trying to add software and services and there are IT companies trying to get into the physical space. The race is completely open,” Bosch Chief Executive Volkmar Denner told a conference in Berlin on Wednesday during the announcement.

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