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Summary: Consumers are demanding innovative features and functionalities, inspiring the consumer electronics industry to rapidly evolve.
FREMONT, CA
Consumer electronics is one of the biggest industries that has witnessed massive technological advancements in recent years. Today, most of the global population has devices in their homes that would have been available to only big research centers or laboratories and the ultra-wealthy communities in the past. As the industry's technological capabilities continue to grow, manufacturers are racing to release innovative devices that improve everyday lifestyles. The pace at which technological advancement is happening has drastically increased, and various events are shaping the direction of innovation. Some of these trends are a significant opportunity for businesses to leverage and generate very high profits.
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Health tech
The latest development in the healthcare industry has been technology-driven in the past couple of years, and the covid-19 pandemic only accelerated it. Health tech companies are have added the local governments to effectively track and monitor the spread of the coronavirus and improve the diagnostic center treatments. Several companies are developing new devices that could safeguard people from new infections. A wide range of devices, such as intelligent face masks, UV sterilization products, robotic nurses, and automated disinfectant machines, are gaining huge popularity. Telemedicine is also on the rise, which is expected to reach a market value of 250 billion dollars in the upcoming years. Consumers are also readily investing in smartwatches which helps them holistically track their health and monitor the elderly.
DIY and Remote Life
Today, up to 71% of the global workforce are working from home, and the consumer electronics industry has been facilitating remote workers to efficiently carry out their work processes. Workers are now looking for ergonomically designed furniture and screen technologies for a better viewing experience with minimal eye fatigue and improved comfort. Many companies are also developing tools to facilitate the growing DIY trends. Several companies are developing domestic robots that can execute day-to-day household activities such as dishwashing and laundry.
Mobility
Since the covid-19 pandemic has caused a backward shift from public transport, people now look for minimum physical, interpersonal contact in their day-to-day activities. Many companies are now focusing their efforts on developing vehicles that enable people to travel safely, and several manufacturers are adding sanitization and sterilization functionalities to their vehicles.
The consumer electronics industry is en route to evolving at a swift pace. This provides manufacturers with a massive opportunity to leverage these trends and provide their customers with what they need by using contemporary technologies such as artificial intelligence and machine learning.
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