In continuation from the previous weeks articles which focused on the customers, this week we will talk about Consumer Technology.
Technology is a critical component of business success and consumer lives in today's globe. Consumer technology is no exception. Exploration of new markets and evolution in consumer technology have been constant since its inception. For example, computers have evolved tremendously over time, and their capabilities have increased while costs have decreased. As a result, more people have access to the resources required to use various computers for various purposes, ranging from work to gaming, production, and much more.
What is Consumer Technology?
Consumer technology, often known as consumer electronics or consumer tech, is any sort of technology that is acquired directly by consumers for personal use rather than for government, military, or commercial objectives. The major aim of consumers technology is to satisfy the everyday needs of consumers.
The consumer electronics business benefits from a never-ending growth cycle. During the COVID 19 epidemic, technology took centre stage.
According to FortuneBusinessInsight, the consumers technology market is projected to grow from USD 680.45 Billion in 2020 to USD 989.37 billion in the year 2027.
Examples of Consumer Technology
Television set, Gaming PCs
Mobile Devices.
Cameras, Printers, Scanners
Wearables, Appliances & White Goods
Laptops, Tablets, Computers, Desktops
Factors that contribute to success of the Consumer Technology Market
Increase in Residential Sector
Consumers Satisfaction
Improved Standard of Living
Mobility and Accessibility
Environmental Factor
New Markets that can be explored for Consumer Technology
Digitization Of the Financial Industry - Covid-19 Pandemic has considerably accelerated the financial industry's digital transition. Many, if not all, banks in Nigeria have shifted their focus to digital banking. They went beyond transactions and acting as middlemen to become actual financial champions for their customers, but despite their efforts, there is still a lot of untapped potential.
Virtualization of Cellular Networks - Cellular networks are being virtualized and moved to the cloud. What used to be an expensive hardware-based network core can now be software modules running on-demand on multiple cloud instances. This will make new generations of cellular networks less expensive to build and scale, and consumers will eventually see their mobile bills shrinking—starting with 5G. - Ahmad (Al) Fares
Home Innovations - In 2022, it will be a wise move for IT businesses to focus on breakthrough home technology. These at-home tech inventions include anything from time-saving kitchen devices to at-home health treatments. Consumers have discovered reasons to own specific electronic equipment in their homes because of the covid-19 epidemic. A few businesses demonstrated innovative household devices that use artificial intelligence, such as automatic sanitization and cleaning robots. Virtual reality integration was also popular, whether it was used to simulate educational and work situations or to bring concerts into the house.
Health-based tech - Virtual health has increased dramatically because of the epidemic. The epidemic has shifted the focus on health monitoring to include more than simply exercise activities. Consumers want to oversee their own health daily, and technology allows them to do so. A variety of vital indicators may be tracked with connected health monitoring equipment, including:
a) Heart rate
b) Blood pressure
c) Body temperature
d) Hydration
e) Blood sugar level
Virtual health is projected to continue beyond the epidemic, but industry decision-makers will need to figure out how to keep it going.
In summary, we can expect to see more consumer-based inventions like these on the market in the future as people adjust to a post-Covid world and look for ways to make life easier. As people adjust to a post-Covid world, their expectations for technology will rise, influencing their technological needs and, in turn, the consumer technology market. Technology is bought, consumed, and discussed by people of all ages and generations, hence provisions and innovations should be made for all consumers and generations.
We at OVAC Group can see how your business can tap into the consumer technology market. Email us at: enquiries@ovacgroup.com for a free consultation with our team specialists.