Revenue from Wireless giant Qualcomm's internet-of-things vertical is slated to top $1 billion this year after double-digit growth in the past two years.
Cristiano Amon, company president, said Aug. 2 that the increasing revenue is being driven by its ability to reuse investments and research and development in mobile technology to grow its IoT business.
Qualcomm also said it has expanded the distribution channels for its IoT products to reach more than 9,000 customers. That's nearly 20 times the number of customers compared to 2014, the company said. In addition to direct sales, Qualcomm has indirect sales channels that include more than 25 global distributors.
Qualcomm's strategy in the space has been to deploy its technologies into markets experiencing significant growth. The company sells production-ready reference design platforms to original design manufacturers for products including smart speakers, connected cameras and appliances.
"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,” Amon said.
Revenue from its home entertainment segment is anticipated to increase four-fold in fiscal 2018 compared to a year ago, the company said.
It also expects growth in its industrial IoT segment, which includes enterprise, manufacturing, retail, supply chain and utilities. Its modems and system-on-chips (SoCs) are used in products such as point of sale terminals and industrial handhelds. Revenue from that segment, Qualcomm said, is on track to double this fiscal year versus two years ago.