3 trends in the consumer electronics industry that are shaping our lives

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Consumer electronics is one of the largest industries that most clearly exhibits technological advancements. Today, most people have devices in their homes that would only have been available to the biggest research labs and the ultra-rich in the more recent past. As technological capability continues to grow, manufacturers are in a race to deploy devices that can change quality of life.

The last few years have been a particularly active period in the industry. First, the pace of technological advancement has increased exponentially, as has the number of companies involved in the production of the devices. In addition, various events have shaped the direction of innovation, shifting the attention of large and small manufacturers to certain areas. These trends are a great opportunity for everyone in the industry, from large-scale manufacturers to small startups and their investors. Those who can get a head start will be able to reap the benefits of meeting growing and seemingly endless customer demand. This demand is expected to exceed $ 1.5 trillion in five years.

Health technology

This industry sector has recently gained prominence in large part because of the global pandemic. Companies have worked hard to provide new devices that can be used to protect people from disease. These devices run the gamut, from smart face masks that offer N95 level protection while providing UV sterilization and voice projection to robots that can disinfect spaces on their own.

There has also been a trend in telemedicine and health surveillance, with McKinsey predicting the market will soon reach $ 250 billion. Many smartwatch brands have included more sensors on their products for more holistic health monitoring, and AI monitoring systems for the elderly have also been deployed to automatically trigger alerts when they detect problems. health, even if the person concerned is unable to do so on their own.

Related: 5 Ways Technology Is Changing Ecommerce

Remote living and DIY

Today, up to 71% of people work from home, according to Pew Research. This is an incredible increase over the past few years, and the consumer electronics industry has provided exactly the devices to make this easier for all parties involved, from employees and supervisors in the workplace to students and teachers. Ergonomically designed furniture with controls to change the fit at any time are now commonplace, and screen technology to deliver crisp visual experiences with minimal eye strain can also be seen in an increasing number of offices across the country. residence.

As many people have also started to handle most of their tasks on their own, companies have also started providing tools to facilitate the growing DIY trend. Several companies, including Samsung, have showcased home robots that can handle everything from washing dishes to laundry and potentially serving drinks. For those with more experience, access to tools like battery-powered cordless airbrushes allows even novices to take on home improvement projects, and other similar items are now accessible as prices have come down despite the ‘extension of feature sets.

Related: Technology Brings Us Close to a Culture of Prevention

Mobility

There has been a decline in public transport across the world as people seek to minimize physical people-to-people contact until the green light is given by health authorities. But as countries reopened, the problem of getting people from point A to point B efficiently, comfortably and safely returned. Fortunately, there has been a lot of innovation in this space as well, with companies offering new and improved versions of everything from e-scooters and bikes to self-driving cars.

Many companies have also focused their efforts on delivering vehicles that looked like they came from sci-fi movies just a few years ago, like the Cadillac flying car unveiled by GM earlier this year. Some have already performed live testing and are, by all indications, destined for the market in the next few years.

Overall, it is clear that the consumer electronics industry is changing at a very rapid pace. This offers immense opportunities for people who can make the most of trends and provide customers with what they need, when they need it, using new technologies in manufacturing, artificial intelligence and other fields. to provide enhanced functionality across all industry sectors.

Related: Why Entrepreneurs Should Keep Up With New Tech

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