Intel Corporation (NASDAQ:INTC) Reaffirms IoT Isn’t A Hobby But A Business
Intel Corporation (NASDAQ:INTC) is looking at the Internet of Things (IoT) as a potential redeemer as its PC mainstay shrinks. The company is focused on accelerating IoT adoption at both enterprise and consumer levels. Intel is betting that IoT could become a key contributor to its topline metrics, thus helping break reliance on chip sales to PC makers.
Intel Corporation (NASDAQ:INTC) is not merely joining the IoT movement because it has become a popular trend among technology companies. Instead, the company is looking to unlock significant revenue from its IoT offerings to initially make up for the shortfall in the PC market and eventually deeply diversify revenue streams.
$500 million to back IoT innovations
According to Intel’s CEO, Brian Krzanich, IoT is promising to enable people to live safer, healthier and more secure lives. In the process of satisfying corporate and consumer demand for a connected environment, Intel is looking to unlock new revenue. That explains why the company isn’t thinking of IoT as a hobby, but a serious business that requires great investment. Intel intends to invest $500 million in startups this year with most of the backed projects being IoT-based.
In addition to backing startups with potentially transformative IoT technologies, Intel has also started the process of enriching its IoT platform by weaving its existing products. The company is integrating its hardware and software products in a format designed to accelerate IoT development. For example, Intel is leveraging its Quark chip family and operating systems Wind River Pulsar Linux and Wind River Rocket to back its IoT projects.
Intel launched an IoT cloud platform about a year ago and it is now enriching it to simplify IoT implementation for developers and accelerate adoption.
Intel Corporation (NASDAQ:INTC) is keen to leverage its IoT solutions in multiple industries from backing efficient irrigation in farms to supporting smart inventory tracking in retail stores. The company has partnered with Levi’s to back its store efficiency by putting digital tags on merchandise to simplify inventory monitoring.
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