Fueled by 5G, sensors, Machine Learning (ML), Artificial Intelligence (AI), facial recognition, Virtual Reality (VR) and Blockchain, society has seen incredible technological and innovative products hit the marketplace over the past decade. And there’s more on the horizon. 8K TVs, electronic gadgets, autonomous driving, robots and personalized medical devices, to name a few.
It’s not surprising consumer electronics sales are expected to reach $2.9 trillion worldwide by 2020, according to a study by Persistence Market Research Pvt. Ltd. Market growth stems from an increasing worldwide middle-class population, soaring Internet accessibility and urban consumers changing their lifestyles often using multiple electronic devices daily.
Based on digital and information technologies — both of which rely heavily on Open Source Software (OSS) and hardware —consumer electronics is also merging with the computer industry and Information Technology (IT), and as part of the larger electronics industry, is a driving force behind the semiconductor industry.
On-going technological advancements and constant Research & Development (R&D) will lead to new product launches, continuing to boost the consumer electronics industry in the future.