Figure 1: Mr. Pat Chan CEO of Borqs Technologies, Inc. (NASDAQ: BRQS) (CANVA PHOTO)"
- The state-of-the-art smart watch chipset has sufficient computational power to enable machine learning and AI on the edge.
- The smart watch can facilitate everyday life for seniors with special demands for assisted living.
- The North America Smart Watch Market size is expected to grow from USD 39.75 billion in 2023 to USD 85.71 billion by 2028, at a CAGR of 16.61% during the forecast period (2023-2028).
SANTA CLARA, Calif., July 17, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced its plans to develop an AI-enabled smart watch as part of its expansion strategy into artificial intelligence (AI) for the U.S. market.
The AI-enabled smart watch is positioned as an Edge AI device. According to NVIDIA, “Edge AI is the deployment of AI applications in devices throughout the physical world. It’s called “edge AI” because the AI computation is done near the user at the edge of the network, close to where the data is located, rather than centrally in a cloud." (https://resources.nvidia.com/en-us-it-resources-blogs/what-is-edge-ai) Borqs AI-enabled smart watch will be based on Android and is wirelessly connected via Wifi/BT and cellular networks. It will make use of the AI capability on the watch chipset platform to perform the training and inference of machine learning for the sensors on the watch. The watch will also support ChatGPT or similar AGI capabilities as an intelligent voice assistant.
The first AI watch to be developed will target vertical segments with particular use for the seniors in the United States. With AI capabilities, the smart watch can facilitate everyday life for seniors with special demands for assisted living and meet their daily needs with ease. According to Modor Intelligence, The North America Smart Watch Market size is expected to grow from USD 39.75 billion in 2023 to USD 85.71 billion by 2028, at a CAGR of 16.61% during the forecast period (2023-2028). (https://www.mordorintelligence.com/industry-reports/north-america-smart-watch-market)
“Research organization IDC predicted that there will be 41.6 billion connected IoT devices generating 79.4 zettabytes of data in 2025. As volumes grow, new innovative ways for efficient analysis and data processing are needed. The state-of-the-art smart watch chipset has sufficient computational power to enable machine learning and AI on the edge. With Edge AI, the device can function without always a connection to the network. AI computation can happen on the device and does not have to send to the cloud for processing. This will reduce bandwidth utilization and time delay for inference, as well as improved privacy. The model will also allow federated learning,” said Mr. Pat Chan, CEO of Borqs.
With Borqs’ latest AI initiatives and repositioning, as well as, the divestiture value of our solar energy storage subsidiary, Holu Hou Energy (HHE), Stonegate Capital Partners has updated its coverage on Borqs Technologies, which includes a midpoint target price of $1.30/share. Borqs reported revenues for the year ended December 31, 2022 reached $52.5 million, representing an annual growth rate of 77.7%. Recently, Borqs engaged Cantor Fitzgerald & Co., an internationally renowned investment bank, to head up the sales of Borqs’ ownership in HHE.
The Stonegate Capital Partners report can be reviewed at:
https://stonegateinc.com/download/brqs-2h-2022/?wpdmdl=570&refresh=6476507693ecb1685475446
Borqs updated investor presentation can be reviewed at:
https://www.borqs.com/AboutUs/InvestorRelations.html.
About Borqs Technologies, Inc.
Borqs Technologies (Nasdaq: BRQS, “Borqs”, or the “Company”) is a global leader in software and products for the IoT, providing customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs’ unique strengths include its Android Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage, and system performance optimization, suitable for large and low volume customized products, and is also currently in development of 5G products for phones and hotspots.
Website: www.borqs.com.
Forward-Looking Statements and Additional Information
This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “forecasts”, “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should”, “estimates” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that the positive financial results from the initiatives and the proposed divestment as described herein may not be realized, and the negative impact of the COVID-19 pandemic on the Company’s supply chain, revenues and overall results of operations, so the reader is advised to refer to the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
IR@borqs.com
www.borqs.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5ae981e-ddad-4a80-951f-899bca962bef
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