Xiaomi is part of the ranking of the 50 Most Innovative Companies of 2022 defined by the Boston Consulting Group (BCG).
The designation, in part, recognizes Xiaomi’s commitment to pursuing its technological innovation and strengthening its research and development capabilities. In the second quarter of 2022, R&D expenses exceeded 500 million euros, an increase of 22.8% compared to the previous year. At the Xiaomi product launch event in August, Lei Jun, Founder, President and CEO of Xiaomi Group, said that Xiaomi’s R&D investment has grown at a compound annual growth rate of 39.7% since 2017 and is expected to reach €2.5 billion in 2022 and more than €14 billion in the next five years.
BCG’s Most Innovative Companies ranking is largely based on a survey of more than 1,500 global innovation executives who were surveyed in December 2021 and January 2022. It assesses a company’s performance in four categories: global sharing, vision industry peers, industry disruption and value creation.
BCG has been publishing 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 technological ecosphere that spans smartphones, wearables, smart homes, smart manufacturing, smart electric vehicles and bionic robots to better connect people to the world around them and improve their lives.