The Internet of Things (IoT) has hardware companies and software developers excited, as long as they have properly prepared for the growing craze. Chip maker Qualcomm says it has already generated $1 billion in revenue during 2014 in IoT-related business, with more than 120 million smart home units powered by Qualcomm.
Starting this year, Qualcomm believes 10 percent of its chip division revenue will be from products other than smartphones - as the IoT market continues to develop.
"The investment we've made in the Snapdragon business is necessary to drive our mobile business," said Derek Aberle, president at Qualcomm, in a statement to Forbes. "We've also made some investments in automotive-grade Snapdragon chips, but it's not like we have to create entirely new processors and chips. We can leverage our previous investments and come through with higher margins."
Hardware competition among manufacturers preparing IoT products will be fierce, so Qualcomm will have a number of competitors to deal with in the coming years. Unlike the smartphone market, tech analysts don't believe one - or a small group of companies - will be able to snag control of the IoT market.