Qualcomm has revealed its plans for worldwide dominance of the IoT market.
The US chipmaker, best known for its mobile and smartphone hardware, has released more details on its IoT strategy, which it expects to be a major money-spinner.
Qualcomm CEO Steve Mollenkopf said that the company expects revenues from its IoT business to top $1bn this year as it enjoys double-digit growth in the sector – representing around a fifth of its non-mobile turnover.
The company added that Qualcomm chips can be found in more than 200 wearable devices and 1,300 different wireless headsets, earbuds and wireless speakers on sale todat across the world.
Qualcomm's optimism comes despite the company recently seeing its $44bn takeover bid of fellow chipmaker NXP fall apart following resistance from Chinese authorities.
However it seems that the firm is set to majorly ramp up its R&D spend in IoT as it looks to capitalise on a rapidly-growing market.
“The strategy we set a few years back of taking our leading-edge technologies into growth opportunities is delivering results," said Qualcomm president Cristiano Amon.
“We are committed to providing innovative technologies to help expand the IoT ecosystem. We are looking to make it easier for companies of all sizes to succeed in designing and commercializing innovative IoT solutions and to participate in this huge opportunity."
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