Intel hopes the acquisition will allow the company to jump into the autonomous vehicle industry as a leading technology provider.

Intel has announced plans to acquire Mobileye, an Israel-based company that builds computer vision systems for the automotive industry.

The merger aims to give the company a head start in the autonomous vehicle industry, combining Intel's computing and 'cloud' experience with Mobileye's expertise in computer vision.

"The acquisition of Mobileye brings together the assets of Intel's Xeon processors, FPGAs, 3D XPoint memory, and 5G modems with the world leader in automotive computer vision," Intel CEO Brian Krzanich wrote in a letter to employees. "This acquisition essentially merges the intelligent eyes of the autonomous car with the intelligent brain that actually drives the car."

Intel expects autonomous driving to present a $70 billion market opportunity for vehicle systems and data services by 2030.

"At four terabytes of data per day, the average autonomous car will put out the data equivalent of approximately 3,000 people," Krzanich added. "Put just one million autonomous vehicles on the road and you have the data equivalent of half the world's population. This massive amount of data requires all of Intel's assets to provide the cost-effective high-performance solutions our customers need."

The acquisition will cost Intel approximately $15.3 billion.