Qualcomm QCOM 0.12%↑ discussed financial targets of $22 billion, by September 2029, for IoT and automotive markets at its 2024 Investor Day this week. The ambitious target comes after the company said it is trying to decrease its dependency in one core market area: the mobile handset market.
“We’re organizing ourselves to be highly relevant in this space,” Nakul Duggal, Qualcomm GM, Automotive, Industrial and Embedded IoT, and Cloud Computing, said during his presentation on Tuesday. “I’m confident we’ll see the same success we’ve seen in other markets.”
While fairly nebulous about specific products or technology, Qualcomm said its IoT strategies will be modeled on the Snapdragon Digital Chassis solution and focus around “components, solutions and developer support that is specifically curated for the needs of each industry.”
Qualcomm said that because companies are looking to “add more intelligence to the edge, whether they’re tracking products in a warehouse or with surveillance cameras in a secured energy facility,” the company plans to focus on IoT technologies. The company pointed out, in addition to their hardware and software stacks, location and observability services as leading IoT areas they are getting more involved with.
It’s an ambitious goal for the company as it totaled a little more than $8.3 billion in total automotive and IoT revenue last year combined. For its fourth quarter this year, the company said it had $8.7 billion in revenue—much of it coming from automotive, IoT and handsets segments.
