According to reports, Nordic Semiconductor announced that it has a revenue target of $1 billion next year and $2 billion in revenue by 2026.

The report notes that Nordic Semiconductor is now making a big bet on Wi-Fi. The company's current mainstay remains Bluetooth low energy and chipsets for cellular IoT, but in 2020, the company acquired Imagination Technologies' Wi-Fi assets and development team, and last month released its first Wi-Fi products.

Kjetil Holstad, executive vice president of product management, said Wi-Fi technology will help meet the company's ambitious revenue goals.

Analysts estimate the market for such embedded Wi-Fi silicon solutions for Wi-Fi IoT at 800 million to 1 billion per year, Kjetil Holstad said. Nordic Semiconductor is targeting $2 billion in sales by 2026 -- representing a 26% revenue compound annual growth rate -- and expects Wi-Fi's contribution to the "second billion" revenue to be substantial.