Innovation in consumer electronics impacts our daily lives consistently: from mobile phones to wearables, smart TVs, home automation, domestic robots, voice search, computers, tablets, laptops, flexible displays, 5G... In 2022, consumer electronics-driven innovative technologies helped generate $716.3 billion in sales, representing a 3,74% annual growth. Here’s a review of how these megatrends affect both our personal and professional lives.
5G
The fifth-generation technology standard for broadband cellular networks, 5G, is distinguished from 4G by its high speed, high density, high availability, coverage, and ESPECIALLY extremely low latency (5G is under 5 milliseconds, while 4G varies from 60 ms to 98 ms).
Forbes claims that 5G enhances stronger security controls, the customer life cycle, and customer engagement (just consider IoT, the metaverse, and VR); enables smarter supply chain management, digital health devices, and better-performing driverless cars.
Wearables
Other popular consumer electronics devices are smart clothing, jewellery, accessories, fitness trackers, AI hearing aids, biosensors, and body-mounted sensors, which are a few of the most popular wearable technologies that are expected to reach a market value of USD 380.5 billion by 2028. On this year's top list are smart rings: they can be used for contactless payments, to open and lock the door, or even your car.
Smart Homes
According to a recent study from Hippo, in 2022, around 68% of households in the US are actively using at least one smart home device, and 12% of those (around 22 million homes) will have more than one. The number of smart devices, appliances, and white goods is indeed forecast to grow and reach 350 million users by the end of next year. The most used consumer electronic appliances are, according to statistics, smart speakers (forecast say there will be more than 200 million shipments per year). In the US, around 39% of smart speaker owners admit they use those devices daily to listen to music.
Innovation in consumer electronics has also shaped white goods such as dryers, washing machines, air conditioning, cookers, and fridges that use electricity, gas, or some other kind of fuel. Did you know that their name comes from the fact that they were available only in white?
Home robots are also impacting our daily lives. This CE innovation is projected to grow a lot in the next few years, reaching USD 19.3 billion by 2027. A recent study in the UK even predicted that the cleaning of 90% of homes in 2040 will be automated and household robots will be at the forefront.
VR - AR
AR/VR remains one of the fastest growing technology sectors in the consumer electronics industry. A few years ago, no one could have imagined that we would be able to attend a virtual concert or meet virtual friends in another world. But nowadays, the line between the real and the digital world continues to blur… Here’s the link to learn more about how VR, AR, and MR technology are being adopted in a wide range of sectors, including retail, architecture, healthcare, sports, maritime and military training, automotives, and the entertainment industries.
Conclusion
Given that they produce a wide variety of goods across numerous industries, Samsung, Apple, and Sony are the top consumer electronics brands. They are at the forefront when speaking about mobile devices, smart homes, TVs, and watches.
Other key players are Bose, LG, GoPro, Dell, and Fitbit.
If you want to deep dive into consumer electronics brands and how innovation is shaping our routine, give us a call. With SCOUT, MAPEGY’s AI platform, you can deep dive into your technology of interest and gain insights with just one click. You can be sure to have the full and most up-to-date picture of industry and academic data from: latest trends, forecasts, startups, competitors, partners, technologies, and publications. But also related topics, forecasts and events. Stay ahead of your competitors and gain interesting insights in just one click. 😀
Here’s the link to one example specifically for you. We previously discussed consumer electronics equipment and smart homes, so here’s a project about "Smart Speakers" and, in particular, SCOUT’s Topic Map and Organizations Network.
The Topic Map (see image below) is an interactive data visualization that allows you to navigate a chart of similar topics that are related to your main research (smart speaker, in this case) and grouped into clusters by relevance, or by publication activity. When you click on one of the topics within the visualization, you’ll be able to get valuable insights and read interesting documents (FYI, the size of each bubble indicates the topic's relevance with respect to your query).
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The Organizations Network instead is a visual representation of all the partnerships amongst the organizations. When two peers are connected by a line, this means that they are partners (= they share patent applications, research projects, or they are mentioned in News articles that suggest a partnership). You may cluster the results either by industrial Sector or Country, and find out how global players collaborate across industrial sectors or globally (see images below).
Deep dive into the project and contact us to create YOUR OWN PROJECT about YOUR OWN RESEARCH. Feel free to reach us if you have any questions. We’d be happy to help :)
Your MAPEGY team
References
https://bernardmarr.com/the-7-biggest-consumer-technology-trends-in-2022/
https://www.forbes.com/sites/forbestechcouncil/2022/02/16/16-exciting-changes-5g-will-soon-bring-to-business-and-consumer-technology/?sh=526fd15c78da
https://www.globenewswire.com/news-release/2022/04/13/2421597/0/en/Insights-on-Global-Wearable-Technology-Market-Size-Share-to-Surpass-USD-380-5-Billion-by-2028-Exhibit-a-CAGR-of-18-5-Industry-Analysis-Trends-Value-Growth-Opportunities-Segmentatio.html
https://www.online-tech-tips.com/gadgets/7-coolest-wearable-electronics-you-need-to-have/
https://www.mapegy.com/blog/virtual-reality-augmented-reality-and-mixed-reality