Mobile technology in China is fueling innovation
At the moment, this industry makes up about 4 percent of the gross domestic product of that country.
According to a report that has been recently published, mobile technology makes up approximately 4 percent of the gross domestic product of China, as the country now has enough innovators within that industry to include itself among the highest in the world.
Around the globe, only the United States and South Korea have more mobile tech inventors than China.
This, according to a report that was issued by the Boston Consulting Group. It also stated that beyond mobile technology, China is watching a considerable increase in its community of app developers. It has been estimated that there are about 1 million people who are currently employed within the rapidly growing mobile application field. This is over twice the number of people who are working in that field in the United States.
It is clear that China has stepped onto the wave of mobile technology and plans to continue to ride it.
According to the report, “China has become a highly competitive place to import and assemble components into finished products, allowing the country to tap into its strong manufacturing base.” At the moment, the report says that the mobile tech sector in the country represents 3.7 percent of the country’s GDP. Moreover, its compound annual growth rate from 2009 through last year was recorded to be 17.7 percent.
The report stated that on a global scale, the mobile tech revolution is headed toward the next trillion dollar market. As the largest smartphone market, China has been rapidly improving its market share in areas that have higher value. The report also included the results of a survey that included the participation of 7,500 individual customers, as well as 3,500 small and mid-sized companies. The participants – both business and individuals – were from six different countries, including the United States, China, and India.
The mobile technology report expressed that “With the success of companies in the device space, as well as telecom equipment manufacturers, Lenovo Group Ltd.’s recent acquisition of Motorola has further strengthened China’s capabilities in mobile innovation.”