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Krzanich, speaking at the LA auto show, said "data is the new currency of the automotive world" (Photo: Intel)

Intel will spend an additional 250 million dlrs on automotive technology, as the US company targets a potential high-growth market for its core semiconductor business.

In a keynote address at the opening of the Los Angeles auto show, Intel CEO Brian Krzanich highlighted changes in mobility and the coming of the internet of things (IOT) as critical for his company's future.

He cited the large volumes of data that will be generated by autonomous vehicles as a challenge and an opportunity that Intel can help address.

"We have to turn the data into an actionable set of insights to get the full value out of it," Krzanich said in Los Angeles. "To do that requires an end-to-end computing solution from the car through the network and to the cloud, and strong connectivity."

Autonomous vehicles will generate volumes of data many times higher than the amounts produced by people today, Krzanich said. Each autonomous vehicle will generate about 4 GB of data a day, he predicted, adding that 1 million driverless cars will produce as much data as 3 billion people.

"Just as oil has transformed our world over the last century, data is poised to transform our world for the next 100 years and beyond," Krzanich said.

Intel's additional investment will focus on next-generation connectivity, communication, context awareness, deep learning, security and safety technologies.

The company has been reducing its dependence on the personal computer market, for which it has been the leading chip provider for decades. As part of its new strategy, Intel wants to broaden its market for chips, invest more heavily in data-center technologies and get a foothold in new business areas such as automotive.