SANTA CLARA, Calif., April 24, 2020 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS), (the “Company”, or “Borqs”), a global leader in embedded software and products for the Internet of Things (IoT) industry, today announced that it has won a sizable contract to supply a kids smartwatch to a large North American mobile operator.
The kids smartwatch is based on the Qualcomm platform. It supports the latest mobile technology, Wifi, Bluetooth connectivity, and is water resistant. It has a built-in microphone and speaker to support voice and text messaging, and other comprehensive features. Together with the tracking solution, parents can perform real-time location tracking, geofencing and history review of their child’s whereabouts on their Android phone or iPhone companion app. The Company forecasts to ship several hundreds of thousands units of the kids smartwatch worldwide over the next 2 to 3 years.
According to the Wise Guy 2020 Report on smartwatch for kids, “Global Kids smart watch Market is valued approximately at USD 9.2 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 16.44% over the forecast period 2019-2026. … As per International Centre for missing & Exploited Children report 2015, about 8 million children across the globe are reported missing each year. Kids smartwatch are enabled with safety features such as child location and activity tracking, GPS tracking, messaging, voice call features that help parents to stay connected with their child. … North America is the significant region across the world in terms of market share owing to the increasing cases of child missing’s and kidnappings, product launches made by the private organizations into Kids smartwatch sector along with high disposable income of the individuals. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026.”
The Company has launched smartwatch for kids in China, Korea and Latin America. The Company believes that its smartwatch for kids together its tracking solution will provide to its customers a reliable platform to ensure the tracking and safety for kids. This technology can also be applicable to programs according to the Department of Justice’s Guideline for the Screening of Persons Working with Children, the Elderly, and Individuals with Disabilities in Need of Support. Borqs’ technology is being used by customers of Borqs to actively track the elderly and is working on advanced trials to track/trace quarantined individuals in the current COVID-19 pandemic situation.
Wise Guy Report - Global Kids Smart Watch Market Industry Analysis, Size, Share, Growth, Trends and Forecast 2020-2026.
About Borqs Technologies, Inc.
Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio.
Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. The Company is also currently in development of 5G products for phones and hotspots.
Please visit the Company’s website at www.borqs.com.
Forward-Looking Statements and Additional Information
This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that the Company will not consummate its previously announced line of credit transaction on terms favorable to the Company or at all, the possibility that the Company may not receive actual orders in the amounts forecasted, the possibility that the Company may not be able to deliver its wearable device to satisfy the increased demand forecasted, and the negative impact of the coronavirus on the Company’s supply chain, revenues and overall results of operations, so the reader is advised to refer to the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.