Intel said that its internet of things (IoT) business would “grow faster than the market,” leaving competitors like Qualcomm, AMD and Nvidia behind.
During Intel’s investor meeting on Thursday, Senior Vice President and IoT Group General Manager Doug Davis said that the company’s IoT revenue growth has long surpassed that of its competition.
“The target of the IoT market we’re focusing on is great, and that’s important for how we’re oriented for growth going forward,” said Davis.
In 2016, Intel said its IoT revenue grew 93 percent from 2009, while its the average IoT revenue of its competition – which Davis said includes Qualcomm, Texas Instruments, AMD, and Nvidia – only grew by 45 percent during the same period.
Davis said that Intel is investing in four key vertical markets as part of its IoT drive – retail, transportation, manufacturing, and video surveillance.
“We’ve changed our discussions with customers, so we’re talking more about end-to-end solutions and how we can get there,” said Davis.
Davis said that Intel has been investing across three stages of the internet of things – connecting the unconnected, through its efforts around gateways, working with developers to build connected devices with the computing capacity to support data analytics, and enabling the ability for connected devices to become software-defined and autonomous.
The Santa Clara, Calif.-based company said it is anticipating more than 10 percent annual growth in 2017 for its IoT group as it continues to capitalize in its key vertical markets.
“I very much look forward to the boom in the IOT space, we are seeing an increased interest in this space across all industries,” said Chris Compton, founder of Smart Home HQ, a Newport, Kentucky-based service provider. “In the commercial space, we are seeing an increase in data collection and public information … It’s the peace of mind this technology provides that will allow its success long term.”
Over the past year, Intel has tightened its focus around IoT as part of an overarching restructuring effort first announced in April 2016.