The consumer electronics industry is expected to benefit from a supportive economic environment in the future as disposable incomes continue to rise. The growing popularity of smartphones and connected devices are expected to boost growth, as consumers seek to link their homes to their mobile applications. Other factors supporting the industry’s growth include the emergence of emerging markets and the influx of new innovative products. Meanwhile, industry players are forced to innovate to remain competitive in the market. Here is a closer look at the key trends shaping the future of consumer electronics.
Growing urbanization
Consumer electronics and urbanization are two overlapping trends. Both are important drivers of economic growth. In the U.S., for instance, cities like Seattle, California, and New York City have large technology industries. Companies like Amazon, Microsoft, and Qualcomm have headquarters there, and the tech industry generates $20 billion in annual revenue from chip making. Cities also tend to be more sustainable, as they can use emerging technologies and data to improve city life.
The growth of cities can be credited with bringing innovation to the consumer electronics industry. For example, a recent Brookings Institution report noted that financial hubs such as New York and London are transforming into major tech hubs. Likewise, many smaller cities are undergoing similar transformations. The trend toward urbanization is largely driven by the mass adoption of the internet. The resulting interconnectivity has made it possible for people to work and live anywhere.
In some countries, cities are poorer than the rural countryside. The ratio of urban to rural residents in developing countries is a factor in economic growth and well-being. The development of cities has also brought with it the rise of inequality. The world’s most prosperous cities are also well-governed, and the living standards are higher than those of the poorest countries. The trend is likely to continue for decades. However, cities are not always prosperous, with high concentrations of poverty.
In Africa, cities have the potential to foster economic development and sustainability. However, adequate infrastructural and institutional investors are key for achieving this goal. While African cities may fall behind, cities like Singapore have had great success in urban environments. Smart city technology plays an important role in this success, and these cities could serve as a model for cities in Africa. In fact, many African nations have long been classed as third-world countries.
Embedded software
The market for embedded software is predicted to expand at a CAGR of 7.7% from 2016 to 2023, owing to the increasing demand for consumer electronics. This market is likely to be driven by escalating demand for consumer electronics and the increasing popularity of smart devices. Embedded software is a key component in developing ICs and microcontrollers that provide entertainment, communication, and other features to end-users. Additionally, it is expected to be an important buying factor for consumers in the near future, thanks to its increasing implementation in real-time applications.
Embedded software is software that permanently resides in dedicated hardware. We encounter embedded software in our everyday life. Whether it’s a computer peripheral, mobile phone, or household appliance, embedded software has enabled these devices to perform smart functions. Embedded software allows these devices to provide an even greater level of functionality than they were previously capable of. The software is so ubiquitous that it can be found in virtually every electronic device.
The embedded system in Consumer Electronics Site Selection Software has become an essential part of modern life. Today, they are found in many consumer electronics products, including computer systems like the keyboard and mouse. Similarly, you can find embedded software in music players, video game consoles, digital cameras, home appliances, printers, and security systems. In fact, embedded software is the backbone of a sustainable mobility solution. Embedded software helps in the safe rental of electric scooters via mobile applications.
Embedded software has become increasingly complex, combining desktop and real-time features. Next-generation cell phones have several million lines of code and support a large number of parallel activities. These products are also more complex than traditional embedded programming, where each line of code is manually coded and fragile. Embedded software is a crucial component of a modern smartphone, but the challenges are similar to those of a desktop.
Connected home trend
A new study shows the growth of smart electronic devices in homes, including connected TVs and desktop computers. In fact, the number of connected TVs and mobile devices has exceeded 100 million. Such growth is contributing to the growth of the connected home industry, and its future potential can be immense. With the help of these new innovations, consumers can be freed from the mundane tasks of running a household. These smart devices are also being used to monitor and control their surroundings, including the temperature and humidity of their surroundings.
Recent research indicates that nearly two-thirds of homebuyers are interested in buying a smart home, and many of them are willing to spend more to have one. In addition, millennials are more likely to want smart devices, with two-thirds of Americans wanting smart devices for convenience, time-saving, and security reasons. However, some recent events have triggered increased interest in smart home technology, with security-related devices proving to be the most popular.
The advent of smart home technology has created many new opportunities for consumers and OEMs alike. Smart home solutions require clever technology design to ensure simplicity, intelligence, and integration. Today, the challenge is to find a smart home solution that provides all of these benefits at the right price. The main driver of the connected home trend is consumer awareness and demand for connected devices. In fact, 22% of consumers have already returned their smart home devices because they were unsatisfied.
AI is also a major influence in the connected home market. These technologies will enable devices to respond to voice commands and learn the users’ preferences. As an example, the Nest, which looks similar to the third-generation Echo Dot, is a smart speaker that can receive voice commands. Eventually, smart homes will be able to offer healthcare services to their residents. But before we reach that point, we need to understand how consumers envision a connected home.
Semiconductor shortage
The world’s semiconductor shortage has been affecting the manufacturing of many products, including mobile phones and laptop computers. Since the supply of semiconductors is cyclical, demand for these components fluctuates with economic conditions. A pandemic in 2020 sent a shock through the entire semiconductor ecosystem, shutting down chip factories, packaging and testing facilities, and raw materials supply chains. In addition, the shortage has affected complex logistics companies, which have been forced to scramble to replenish inventory.
The problem has also affected other products, such as home devices, which depend on semiconductors. In February of next year, the semiconductor industry is expected to run short of chips, affecting the performance of smartphones and tablets. This is partly due to a shortage of equipment that produces chips at 200 mm. Earlier, some tech companies stockpiled chips and ordered them ahead of time, leaving other companies scrambling to acquire the parts. While chip shortages have affected a few industries, the underlying problems were much more widespread. People working from home have relied on laptops and tablets, which require semiconductors. Additionally, people need webcams, which require chips, to function. A shortage in chips has forced automakers to cut chip orders, but once the market started to rebound, manufacturers began switching production lines to other applications.
Consumer electronics manufacturers usually implement conservative production plans and dynamically adjust them based on sales. However, a disruption in the supply chain has made this just-in-time strategy nearly impossible. Today, OEMs have to place orders more than half a year ahead, and are forced to make adjustments in their production plans to meet demand. In addition to increasing prices, the sudden shift in demand during the pandemic has led to a shortage of lorry drivers.
