The company outlines new growth targets at its 2024 Investor Day, highlighting opportunities in automotive, IoT, and edge devices.
Qualcomm Incorporated (NASDAQ: QCOM) has presented its expansion and diversification goals at its 2024 Investor Day, emphasizing a projected total addressable market (TAM) of $900 billion by 2030. This growth will be driven by the acceleration of generative artificial intelligence and the increase in connected devices at the edge, with more than 50 billion cumulative shipments projected between 2024 and 2030.
Cristiano Amon, President and CEO of Qualcomm, highlighted at the event: “Qualcomm’s focus on diversification and its industry-leading technology roadmap have significantly strengthened the company’s growth profile. As generative AI increases demand for our technology, Qualcomm is positioned to seize an unprecedented market opportunity.”
Diversification as a Key Strategy
Qualcomm has doubled down on its efforts to diversify its customer base and presence across multiple sectors, moving away from its traditional reliance on the smartphone market. The company plans to leverage its technological leadership to advance in areas such as automotive, IoT, computing, and extended reality (XR).
Among the key targets for its QCT division (Qualcomm CDMA Technologies) are:
- Automotive: projected revenues of $8 billion for fiscal year 2029, driven by the adoption of the Snapdragon Digital Chassis platform.
- IoT: expected revenues of $14 billion by 2029, broken down as follows:
- PCs: $4 billion.
- Industrial: $4 billion.
- XR: over $2 billion.
- Other IoT: $4 billion.
Together, automotive and IoT are expected to become foundational pillars of growth, with combined revenue estimates of $22 billion for fiscal year 2029.
Leadership at the Edge
Qualcomm’s unique position at the edge has been another focal point in its presentation. This strategic location enables the company to combine connectivity, low-power computing, and advanced artificial intelligence capabilities to meet the needs of emerging industries.
Durga Malladi, Senior Vice President and General Manager of Technology Planning and Edge Solutions at Qualcomm, noted that the integration of AI into connected devices is transforming how industries manage and process data, driving the adoption of innovative solutions in areas such as manufacturing, logistics, and healthcare.
Driving Digital Transformation
Qualcomm also highlighted how its Snapdragon platforms are driving exceptional experiences for consumers, from mobile devices to automotive and industrial applications. These technologies enable intelligent computing and unprecedented connectivity, laying the foundation for digital transformation in key sectors.
Cristiano Amon emphasized: “We are building an innovation ecosystem that leverages cutting-edge AI, high-performance computing, and advanced connectivity to enrich lives, enhance businesses, and advance societies.”
Long-Term Outlook
With nearly four decades of leadership in technological innovation, Qualcomm continues to develop solutions for some of the world’s most pressing challenges. From creating industry standards to delivering technological advancements that define eras, the company aims to remain a key driver of human progress.
As Qualcomm moves toward 2030, its efforts to diversify revenue and expand its reach into new industries position the company as a leader at the intersection of connectivity, computing, and artificial intelligence. The future of Qualcomm, as Amon noted, is deeply intertwined with the evolution of edge technology, a space that promises unprecedented opportunities for the next decade.
Source: Qualcomm