Intel Corporation has taken a big step toward evolution by acquiring Itseez, a computer vision firm focused on manufacturing embedded and specialized hardware.
The acquisition announced earlier this week was to further the company’s effort to battle the Internet of Things (IOT) market segments including video and automotive where the ability to electronically understand and perceive images paves way for innovation.
According to Vice President of Intel, the company intends to build a portfolio for the automotive segment by adding to its already existing capabilities including over-the-air software management and functional safety. Given that the self-driving automotive could deliver more than $507 billion in annual profits according to Morgan Stanley estimates, then the market demand is absolutely clear.
CNET reports that even the other technology automakers are turning their attention toward this new technology that powers self-driving cars. For instance, Mobileye Company focused on manufacturing vision-based collision avoidance camera has amalgamated with GM, BMW and Volkswagen. This is an implication of how worth the industry will be in the next one decade.
The acquisition of Itseez will also open computer vision applications in areas of surveillance and digital security as well as industrial inspection. And according to Vice President of Intel, it is Itseez that will contribute toward creating computer standard initiatives including OpenVX and OpenCV.
Together, both Intel and Itseez will set up their input toward these standard bodies to define a technology bridge that will propel much more quickly to OpenVX-based products.