Xiaomi India has been placed on Boston Consulting Group’s (BCG) “50 Most Innovative Companies of 2022” list. The designation in part recognizes Xiaomi’s commitment to pursuing technological innovation and to strengthening its research and development capabilities. In the second quarter of 2022, its research and development expenses reached USD538 million, an increase of 22.8 percent year-over-year.
At the Xiaomi product launch event in August, Lei Jun, Founder, Chairman and CEO of Xiaomi Group, said “Xiaomi’s R&D investment has grown at a compound annual growth rate of 39.7 percent since 2017 and is expected to reach USD2.4 billion in 2022 and USD14 billion in the next five years.”
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 home, smart manufacturing, smart electric vehicles, and bionic robots, globally, to better connect people to the world around them and improve their lives.