(Bloomberg News) -- Qualcomm Inc., facing more competition in the smartphone chip market it dominates, said efforts to spread the use of its technology into cars, home automation and urban infrastructure are paying off.
There are 20 million cars that use Qualcomm chips to connect to the Internet and its products were used to connect 120 million home devices last year, the company said Thursday at an event in San Francisco.
The chipmaker is trying to show concrete progress in the Internet of Things market amid a flurry of product releases and claims of leadership by rival component makers arguing their technology is the key to a world where billions of everyday devices will be connected. Qualcomm President Derek Aberle said the company generated more than $1 billion in revenue from the market last year.
Earlier this week Samsung Electronics Co., a competitor and customer of Qualcomm, announced a set of products it said will make its chips central to Internet-connected gadgets.
Qualcomm also listed wearables, where there are 20 devices based on its silicon in the market, and so-called smart cities as areas of progress. It’s working on electronic systems that control lighting, water and recycling. Such equipment needs processing and the ability to connect over cellular and Wi-Fi systems, making its chips essential, Qualcomm said.
The San Diego, California-based company is trying to show it can build other businesses large enough to contribute to earnings, which rely on the smartphone market. Aberle said the company expects to get more than 10 percent of revenue at its chip division from outside mobile phones in fiscal 2015.
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