Electronics and Smart Devices Market Trends

Growth Drivers

• Offering A Range of Wireless Connectivity Choices - The proliferation of the next generation wireless network and connectivity options is also the one of the main driving forces of the electronics and smart devices market. As the reports suggest, wireless connectivity sector generated revenue of 55 billion in 2020 globally. The wireless connection gives users the ability to access internet and communicate without being tied up to a physical location. Thus, these connectivity options allow for more convenience and mobility. The wireless connection minimizes expenses also as it lessens the need for cables or infrastructure required by both the consumer and corporation. Additionally, the spiraling demand of the general public for smart device like smart TVs, smart speakers and smart thermostats has led to the increase in wireless data connectivity technologies which include Wi-Fi and Bluetooth.

• Expansion of Residential Landscape Boosting Demand for Products - A rapid rise in the number of the new residential buildings had led the market to view smart home devices, namely entertainment systems. Some reports suggest, average revenue generated by the smart devices is about USD 370 Billion. HVAC systems, lighting controls and security systems as necessary. It has thus brought about a huge wave in the smart technologies for home use, and the swelling residential sector is one of the critical market expansion drivers in terms of the electronic and smart devices. Smart homes are being embraced by the general public due to the change in lifestyle and the tendency of many to build connected and efficient living spaces. A practical reason for homeowners to prefer installing smart home devices is the convenience and ease of installation. This is a paramount in new construction projects where devices can be seamlessly integrated as part of the building process.
• Advancement In Technology – The technology innovation is highly influential on customer’s perception of his preference. Global spent on the digital technology about USD 1.50 Trillion in 2021. They anticipate the development of more new smart technologies which subsequently will become a part of their everyday life as they enjoy higher living standards. Manufacturers seek to make investment in breakthrough technologies and creation of revolutionary products, which sets them apart from competitors and aims to have a spot in consumers’ market.

Challenges

• Major privacy concern - Privacy infringement have been complained by internet and smartphone users who think that their credit card numbers, dates of birth, home address, email addresses, and names. Also, majority of the smart appliances are controlled by the mobile apps that the companies have created for smart phone users. These apps let the companies obtain customer data, and with the use of such information, customers’ privacy concerns grow.
• Higher-rates of smart devices – The most evident problem or the setback of smart devices is the cost. There are many companies who offer smart devices, but they are pricey. This is something very few people can realistically access.