Qualcomm said at its investor day on Tuesday that it expects its so-called internet of things business to more than quadruple in sales by 2029 to around $22 billion.
Qualcomm also said on Tuesday that automotive revenues would rise about 175% by 2029 to $8 billion, of which 80% is tied to contracts that have already been secured.We have been on this trajectory realizing that the technologies we have developed over the many years can be very relevant to a number of different industries beyond mobile," Amon said at the investor event.
Qualcomm's strategy under Amon has been to use the technology its developed for its handset chips, like modems, processors, and AI accelerators, in new markets, including cars, PCs, and virtual reality. The investor event was the first time in years that the company has given a forecast for those new markets. Qualcomm said its total addressable market is as large as $900 billion., which has over 70% percent of the market, according to Mercury Research.
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