According to reports, Cook plans to introduce the accelerator program for iOS developers and to make known the development center for digital maps in Hyderabad. The CEO also said that he was encouraged by the results that the company is beginning to see there (India) and believe there is a lot lot more.
“I view India as where China was maybe seven to ten years ago from that point of view, and I think there’s a really great opportunity there,” Cook explained further. In China, Apple currently has 33 stores which helped to boost the company’s revenue by approximately 25 percent.
The Indian market for the smartphone was believed to surge as the users are estimated to be around 200 million in 2020. In the next five years, the prize is more than one billion in smartphone sales, a research revealed. Supporting the assessment of the researcher, the consumption of the smartphones has significantly increased from January to March.
Meanwhile, the challenge for the American multinational technology company is the fact that the consumers in India are among those who would not pay much for their gadgets.
Before the announced visit of Cook, India closed its doors for the refurbished iPhones that the tech giant would like to sell in the country. Speculations arose that the CEO might discuss the possibility of opening its first ever retail stores in India.
Vishal Tripathi, a research director at Gartner India, commented that Mr. Cook is certainly going to come with an agenda. He added that high on that list is permission to open Apple Stores in India, bring up the closed chapter of importing and selling refurbished phones in the country and also explore what’s in it for Apple if it brings assembly and manufacturing to the country.
Earlier today, Apple changed hands higher to $94.01, adding 0.19 percent with a market capitalization of 534.98 billion. Currently, the stock has a price earnings ratio of 10.48 and a dividend yield of 2.42 percent.