Xiaomi’s Founder and President, Lei Jun, has announced a five year dual-engine strategy which incorporates 5G and AIoT (AI + IoT) with plans to invest 50 billion yuan ($7.2 billion) over that time. In the New Year letter, Jun stated that 2020 was a key year for Xiaomi to promote its “5G + AI + IoT Next Generation Super Internet”, harnessing the technologies to enter a truly intelligent era.
The youngest company to make the Fortune 500 list in 2019, Xiaomi started out as a mobile phone manufacturer but has extended its business into other market areas, such as, AIoT. Last year, the company announced a 10 billion yuan ($14 billion) investment in AIoT over five years. The company claims to have always been a market leader in AIoT, paving the way as a “smart life leader”.
Xiaomi has been building the world’s largest consumer IoT platform with an estimated 213 million connected IoT devices, excluding smartphones and laptops. The connected devices include smart TVs, ACs, air purifiers, humidifiers, and fans. The number of users who have five or more devices connected to Xiaomi’s IoT platform increased to 3.5 million in 2019, an increase of 78.7%.
The company is still driving its smartphone business forward and analyst firm, Canalys, ranked Xiaomi 4th globally in terms of smartphone shipments in the third quarter of 2019, with a market share of 9.2%. Xiaomi launched its first 5G smartphone, the Mi MIX 3 5G, in Europe in February 2019. The company launched its first 5G smartphone in China, the Mi 9 Pro 5G, in September 2019. Xiaomi plans to launch 10 more 5G smartphone models throughout 2020.
Samsung continues to lead the worldwide smartphone market, with a market share of 22.4% in Q3 2019 according to Canalys.