Intel announced the official establishment of its global IoT Video Division on October 12. The division will be headquartered in China, with Chen Wei, the general manager of Intel China's IoT business unit in charge.
According to Intel, the IoT Video Division "provides horizontal video technology to support various vertical industries", that is, to address the storage, acquisition, transmission, codec, and other challenges brought by high-definition data streams, as well as AI data analysis, computing architecture optimization.
This is the first time Intel has set up a global business unit in China, hinting at Intel's confidence in China as the leading IoT video market.
"China's video business development is at least 2-10 years ahead of the rest of the world. Many other regions in the world are still transitioning from analog to digital. So I believe there is a great opportunity for us to push our technology to the world while plowing deeper in China," said Chen.
IoT has thrived with the developments of AI technology. The combined term for the two concepts is known as AIoT. With AI and auto-machine learning, IoT can be optimized to be more effective and efficient. According to Intel, they plan to use a combination of hardware and software solutions, with 50% of computing being handled on-site, to protect sensitive or privacy-related data.
IoT video has various applications, including the security industry, factories, retail, machine vision, medical imaging analysis, etc. One of the most popular uses of IoT technology in China is smart home appliances.
According to Statista, China's smart home market size is forecasted to be 217.5 billion yuan in 2022, amounting to a 350% jump compared to 2016. Top players include Haier, Xiaomi, Huawei, and others.
China is one of the fastest-growing markets in terms of smart appliances. China's smart home industry is expected to reach 230 million annual shipments by yearend. That number is expected to exceed 540 million by 2025, with a five-year compound annual growth rate of 21.4% percent, according to data provided by IDC(International Data Corporation).