Xiaomi India, the country’s No.1 Smartphone and Smart TV brand, has been placed on Boston Consulting Group’s (BCG) “50 Most Innovative Companies of 2022” list.
The designation partly recognizes Xiaomi’s commitment to pursuing technological innovation and strengthening its research and development capabilities.
Its research and development spending hit USD538 million in the second quarter of 2022, a 22.8 percent rise year on year.
“Xiaomi’s R&D expenditure has increased at a compound annual growth rate of 39.7 percent since 2017 and is forecast to reach USD2.4 billion in 2022 and USD14 billion in the next five years.”Lei Jun, Founder, Chairman, and CEO of Xiaomi Group,
BCG’s Most Innovative Companies ranking is based on a survey of more than 1,500 global innovation executives who were polled in December 2021 and January 2022.
It assesses a company’s performance in four categories: global mindshare, industry peer view, industry disruption and value creation.
BCG has published its annual innovation report since 2003. Other companies on the 2022 list include Microsoft, Alphabet, IBM, Pfizer, Coca-Cola, Tencent, etc.
Xiaomi is building an ever-expanding technology ecosphere spanning smartphones, wearable devices, smart homes, smart manufacturing, smart electric vehicles, and bionic robots globally to connect people to the world around them better and improve their lives.
The Xiaomi Corporation