Intel's new 64-bit processor boasts of 20 percent lower power consumption and 1.72 billion transistors that the company says allows more robust server virtualization capabilities and other features previously available in more powerful mainframe machines.

These new features makes the new Itanium 2 chip suited for high-computing enterprise applications like ERP or business analytics, Bailey said.

"What Itanium brings when we introduced it in 2001 -- and similarly with the new dual-core chip -- is a new era of industry standard choices (rather than proprietary) that offer a range of services and solutions built on multiple operating systems (OS) from multiple system builders, broad choice of hardware and software, and broad vendor support," he added.