iStock_000018807376_SmallIntel plans to lay off 11 percent of their global workforce in a response to the decreasing PC market. The company will lay off up to 12,000 employees and anticipates $750 million in savings during 2016 due to the layoffs.

Last year, the PC market saw the slowest amount of growth since 2008, with less than 300 million shipments. PCs are estimated to amount 5 percent of all connected devices during 2017, whereas smartphones are estimated to comprise 71 percent.

The move to mobile is the reason for overall slowing PC purchases. More consumers and enterprises are recognizing mobile devices are their primary computing devices, instead of more traditionally using laptops and desktops. For this reason, PC manufacturers will soon need to refocus on developing markets.

Intel plans to focus their development on more cloud computing and IoT solutions.