Every product made by Samsung Electronics will be connected to the internet within five years, co-CEO Yoon Boo Keun has announced, representing a huge shift towards smart appliances.

By 2017, the company, which is currently the worlds largest maker of televisions, will only sell web-connected TVs, and the firm plans to invest more than $100m (£65m) in developers this year to accelerate its plans.

The electronics giant has slowly been transforming itself into a smart appliance and wearable-focused business in an effort to control a market that is estimated will be worth $7.1 trillion by 2020.

“The Internet of Things has the potential to transform our society, economy and how we live our lives,” said Yoon during his speech at CES in Las Vegas. “It is our job to pull together – as an industry, and across different sectors – to make true on the promise.”

Samsungs web-connected TVs, the first of which goes on sale next month, will all make use of its Tizen operating system, which has also formed the backbone of its range of smartwatches and its Samsung Z smartphone.

As part of the CES presentation, Samsung also unveiled more curved, ultra high definition TV sets and announced a collaboration with 20th Century Fox to provide content. The company is also expanding its Milk video and music streaming service to include smart TVs and even a virtual reality app on the Gear VR.