Open a new track! Qualcomm (QCOM.US) aims for $22 billion in new business revenue in 2029, with personal computer chips accounting for $4 billion.

The world's largest smartphone processor vendor Qualcomm (QCOM.US) expects its efforts to enter new markets will generate an additional $22 billion in annual revenue by the fiscal year 2029. Company executives told investors on Tuesday that entering the automotive chip sector will bring in $8 billion in revenue annually, while the Internet of Things (IoT) sector will bring in an additional $14 billion in revenue. The company's goal is to increase sales in other chip markets in the next five years. CEO Cristiano Amon, who took office in 2021, has been trying to expand Qualcomm's focus beyond smartphones. This includes bidding to sell PC processors, a market long dominated by Intel Corporation. Qualcomm is facing additional pressure to diversify its business as it is about to lose one of its largest customers, Apple Inc. This iPhone manufacturer is developing its own wireless connectivity components to replace products purchased from Qualcomm. The Internet of Things category (a collective term for connected devices) includes personal computers, industrial machinery, virtual reality devices, and other devices. Amon stated that by 2030, the company's total market opportunity will reach $900 billion.