Smart vehicles will form part of the Internet of Things (IoT) (Photo : Reuters)
Speaking in the Chinese capital on Saturday, the CEO of Chinese technology brand Xiaomi Corp., Lei Jun, called upon the formulation of a national standard to bind the country's smart appliances and devices in anticipation of the realization of the Internet of Things (IoT).
Lei's statement is motivated by a substantial financial basis, as a U.S.-based I.T. research firm, Juniper Research, has released a forecast that quantifies China's IoT market revenue at 140 billion yuan in three years' time.
The worldwide market figures for the IoT are equally impressive, as the smart home appliance sector could be responsible for global revenue of $60 billion in two years' time, as it rides on the wave of an annual growth rate of 19 percent.
According to Lei, his nation's IoT market will eventually be worth 1 trillion yuan.
Along with industry analysts, the chief executive takes issue with the absence of a national standard for smart home appliances in China because domestic manufacturers design their own technologies, while unnecessarily doubling up on investments and manufacturing; in the end, consumers are confused and resources have been wasted.
Lei explained to reporters in Beijing that the creation of a national standard is "an opportunity for China to establish its own standard as most Internet standards are designed by U.S. firms."
The IoT has been developed into one of China's foremost high-tech sectors through the design of wireless connections for devices such as smartphones and home appliances.
The Xiaomi CEO's statement was made during the same week that JD.com announced its joint venture with Chinese voice technology company iFLYTEK, whereby the e-commerce company will invest nearly $11 million to develop smart home technologies.