How Digital Transformation Accelerated the Tech Industry
While nobody foresaw the globally impactful events of 2020, one thing is certain: technology has been affected just as much as every other part of our lives. As we enter the digital revolution of 2021, it is apparent that today’s most important tech trends will play a significant role in blending our digital and physical worlds, which are abruptly becoming embedded into the fabric of our lives. From the shift to working from home, staying connected to different people, and even curing illnesses, these emerging trends will continue to drive the tech industry’s growth.
According to Consumer Technology Association's President and CEO Gary Shapiro, the pandemic "pushed the fast-forward button on tech adoption,” while their Director of Industry Analysis and Business Intelligence Rick Kowalski mentioned that the demand for technological products during the first few months of 2021 will likely look a lot like it did during the last few months of 2020. It is no longer a surprise that laptop computers and other work-from-home tools have increased consumer spending on technology. Technology retail sales will hit $461 billion this year, up from an estimated $422 billion in 2020, outstripping the previous year by almost $40 billion.
According to Global Market Insights, the Consumer Electronics Market size was valued at $1 trillion in 2019 and estimated to grow at a compounded annual growth rate (CAGR) of over 7% between 2020 and 2026, mainly due to the rapid rise of internet connectivity and services in several developed and developing economies across the globe [1].
A few main drivers of consumer electronics growth this year include:
- Advanced technologies in earphones and headphones;
- Rising demand for technologically advanced large-size TVs;
- Increasing consumer disposable income and spending capacity;
- Growing penetration of smartphones;
- Widespread construction and mining activities in Latin America;
- Stringent energy efficiency regulations in North America; and
- Government initiatives for replacement of obsolete products in Europe [2].
The Consumer Electronics Show 2021
The Consumer Electronics Show or CES is one of the most influential tech events in the world. For the first time in its history, the event was entirely held virtually. From having more than 4,000 exhibitors—which attracted hundreds of thousands of guests to its Las Vegas venue—the event saw less than half during this year’s virtual show.
Despite the smaller number, there was no shortage of big announcements, launches, and insights into the upcoming tech trends that we expect from the event every year. This is due to the ever-expanding scope of consumer tech products that now impact all aspects of our economy and daily lives.
CES Has Set the Tone for 2021 Tech Trends
With the conclusion of CES 2021, we have been left both amazed and overloaded with tons of new technologies. To make sense of everything, we need to dissect the narratives that emerged from each participant and the event’s announcements and highlights. By taking a look at the vital innovation sectors and technology trends of the past year, as well as predictions from research firms for the coming years, we have come up with the top consumer electronics trends to watch out for 2021 and beyond:
- Remote Work and Education. The world has mostly shifted to working and learning remotely in 2020. This change had consumers scrambling to get their hands on phones, computers, monitors, microphones, keyboards, mice, cameras, and even gadgets such as smart coffee makers and digital foot massagers, that will enable them to work anywhere they want—and do so comfortably [3].
- COVID Tech. Health and wellness have been at the forefront of consumer concerns ever since the pandemic began. An emphasis on devices that will help our health and curve the virus’s spread will be this year’s returning theme. We can expect smart health devices such as masks, air purifiers, wearables, and sensors to become staple products. Voice-command technology is expected to be integrated into most of our devices. It does not only offer ease of use but also promotes touchless interactions, helping to keep surfaces sanitized for longer periods [4].
- Home Entertainment. With lockdowns still in place, the only option after a long day of working and learning from home is relaxing and playing. Manufacturers are keen for consumers to spend their hard-earned money on flashy toys, and watch, listen, or play indoors. TV, speakers sets, personal audio, gaming PCs and peripherals, and consoles will keep consumers entertained in the comfort of their homes.
- Smart Home Devices and Smart Cities. Homes are bound to get more comfortable as people spending most of their time indoors have led to increased investment in technology upgrades. Your everyday household tools and gadgets such as locks, cameras, lamps, fridge, and even your faucets, toilets, and gardens are all going digital and smart. These devices will make your homes the place for your daily activities.
- 5G. Nearly all of our shiny new toys and gadgets require data and connectivity to power them. 5G is here and is bringing faster and more reliable speeds than any previous network. Big manufacturers are promoting new 5G-enabled phones with a clear shift towards budget models, making this new technology more accessible to the general public. Other 5G-capable devices such as laptops, mobile hotspots, and routers are on their way into store shelves as 5G continues to mature and be available to all [5].
- Robotics and Drones. Robotics and automation became highly significant in 2020. With people shifting to remote work, the responsibility of performing manual labor fell into the hands of robots and automated systems. This year, 2021, will take this industry trend and turn it into a norm, even inside our households. A few of these robots have already taken center stage: Samsung's line of home robots uses advanced AI to help you work around the house, while LG’s disinfecting robot can handle household cleaning and disinfecting while we are busy with our day [6].
- Transport and Mobility. People’s optimistic outlook on travel—and how it can become the norm again—has inspired vehicle manufacturers to continue innovating on ways to transport people as quickly, comfortably, and safely as possible. This year, the trend has shifted from ride-sharing to more personal and private forms of transportation. Micro mobility has garnered a lot of interest in electric scooters and mopeds for all ages. While self-driving pod-like vehicles and electric Vertical Take-Off Landing (VTOL) machines offer only a glimpse of what’s to come, the future of vehicles is sure to have digital integrations that will allow them to communicate with their surroundings [7].
Scale Up with Us
As consumer electronic brands are bringing innovative products, customer experience is critical. TaskUs is a valued partner for dozens of tech companies and can build an innovative support solution for the most complex products.
How We Support
Partnering with TaskUs has brought innovative and transformative changes and successes to multiple clients in the industry:
- Major consumer electronics company - Delivered 50 recommendations, solved six major process issues, and implemented 10 innovation projects in eight months
- Online social media and social networking company - Through thought leadership, designed a customer experience strategy for a new product in a new line of business with a diverse customer base
- Leading smart home company - Ramped up to 150 full-time employees (FTEs) and exceeded customer satisfaction (CSAT) target in 30 days
Being committed to always exceeding our goals in every solution we provide, you can be rest assured that with Us, your brand's reputation is in good hands. Our expertise and dedication to our services, blended with our mastery in AI operations and consulting, ensure that our clients in the consumer electronics industry get served with the best-customized solutions to suit their specific needs, keeping them and their customers truly satisfied.
Want to know more about the different ways TaskUs adds value to Hi-Tech companies? Visit Us here and get in touch with our team today.
References:
- Consumer Electronics Market Predictions by Global Market Insights
- CES 2021: Survey predicts consumer tech spending will spike to $461B in 2021
- 7 CE Predictions For 2021
- CES 2021 Trend Recap
- The Top 5 Consumer Technology Trends From CES 2021
- CES 2021 showed us how robots can ease our pandemic woes
- CES 2021: Tech show offers transport solutions for Covid-changed world
