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- 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).
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.
