Qualcomm has outlined significant opportunities for growth and diversification at its 2024 Investor Day.
The company’s position at the edge is driving access to an expanded total addressable market (TAM) of approximately $900-billion by 2030, with more than 50-billion cumulative connected edge device shipments expected from 2024 through 2030.
“Qualcomm’s focus on diversification and industry-leading technology roadmap has significantly strengthened the company’s growth profile,” says Cristiano Amon, president and CEO of Qualcomm. “As generative AI accelerates demand for our technology and we become increasingly relevant across multiple industries, Qualcomm is well positioned to address a $900-billion opportunity by 2030 across an expanding ecosystem of new customers and partners.”
Qualcomm provided new five-year financial targets for its QCT business, including:
- Automotive and IoT to drive combined revenues of $22-billion by FY29;
- Automotive revenues to grow to $8-billion by FY29
- IoT to grow to $14-billion in revenues by FY29
- PC to grow to $4-billion in revenues by FY29
- Industrial to grow to $4-billion in revenues by FY29
- XR to grow to more than $2-billion in revenues by FY29
- Rest of IoT to grow to $4-billion in revenues by FY29