Qualcomm Sets New Growth Targets, Showcasing Company’s Opportunity As On-Device AI Accelerates Demand For Its Technologies

Unique Position at the Edge Drives an Expanded TAM of ~$900 billion by 2030

By Godson Umejiego, Bureau Chief, The Americas

A connected computing leader, Qualcomm Incorporated today outlined its significant opportunities for growth and diversification at its 2024 Investor Day. The company’s unique position at the edge is driving access to an expanded TAM of approximately US$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,” said President & CEO, Qualcomm Incorporated Cristiano Amon. “As generative AI accelerates demand for our technology and we become increasingly relevant across multiple industries, Qualcomm is well positioned to address a US$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 US$22 billion by FY29
• Automotive revenues to grow to US$8 billion by FY29
• IoT to grow to US$14 billion in revenues by FY29
• PC to grow to US$4 billion in revenues by FY29
• Industrial to grow to US$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

At its Investor Day, Cristiano Amon, along with Akash Palkhiwala, Chief Financial Officer and Chief Operating Officer, Qualcomm Incorporated; Nakul Duggal, Group General Manager of Automotive, Industrial and Cloud, Qualcomm Technologies, Inc.; Alex Katouzian, Group General Manager of Mobile, Compute and XR, Qualcomm Technologies, Inc.; and Durga Malladi, Senior Vice President and General Manager of Technology Planning & Edge Solutions, Qualcomm Technologies, Inc., outlined the company’s traction and expanded opportunities for diversification.