The tech world is one where innovation and opening new markets is key. For this reason, the companies which are at the top one year might find themselves at the bottom 5 years later. In the same way, those companies which rise, rise very fast indeed. Never has this been more true than with the latest report by market research firm IDC.
In Q3 2014 Xiaomi managed to sell a massive 17.3 million units
Their research has confirmed that upstart Chinese company Xiaomi is now the third biggest tech manufacturer in the world. In the last quarter of this year the company managed to sell a massive 17.3 million units, more than 5% of the total market share. While the Samsung and then Apple, still retain a large lead ahead of Xiaomi, the company has nonetheless come a long way in a very short amount of time.
Starting from almost nothing at the turn of the decade, the company managed to build and sell smartphones targeted at the massive Chinese market. Their phones were both cheaper than the overseas competition, and also catered to the culturally specific needs of this market. Furthermore, they were able to draw inspiration from (some would say copy) the already successful designs of competitors like Apple and Samsung.
With the company having just recently moved into the Indian market, as well as others in Southeast Asia, it clearly has a massive amount of room for growth. Expect to hear much more about Xiaomi in the coming years.