This is how consumer electronic companies can stay relevant with technological advancements

At present, the LED TV market is close to 14 million sets which are likely to cross 1 Billion USD in revenue by 2019, a lot of which can be attributed to increasing demand of 32 inches LED TV in rural areas and the want of consumer to own a good TV. In urban cities, we see a higher demand for large sizes which are driven/supported by EMI schemes. 
 
About 70% of India’s consumer electronics are predominantly sold in the urban markets. However, the demand from the rural market will be in raising trend and there will be huge growth among the buyers. In this ever-changing industry which is largely driven by consumer desire, constant innovation is the top-notch priority. However, when it comes to staying relevant in the technological advancements, factors go beyond, just provided services. In fact, since the past decade, the technology has progressed to grow 7% and the R&D spend has been out spaced.

Investment in innovation has fueled technology growth. Technological changes have had a major impact in the business world; enabling them to communicate with their target market. Today, the consumer electronics industry is undergoing an exciting phase, wherein technology and features of a product play a major role. Let’s understand what’s in store for Technology for the Industry:

IoT:
The speed of growth and innovation has exponentially generated a heap of opportunities in the industry by building up a competitive portfolio. There’s no question the industrial side of IoT is growing rapidly. At first, everyone thought it was about the sensors – but we’re getting to the point where it’s the insights and interactions with people. Fruits of this convergence can be seen towards offering a smooth experience without taxing the consumer, with a lot of options on where, when, and how to access devices and services. Whether with a remote control, smartphone, or an app, the consumer can start at any of the command points and their IoT will run ‘seamlessly’.

IoT hardware will be the biggest technology category in 2018. The physical world is being reinvented at every new step with newer products that are getting customized and intelligent with unique features. Since consumers’ needs include omnipotent connectivity, IoT devices have given a boost to customer engagement with increased invisibility and streamlining communication.

Intelligent solutions:
The consumer electronics industry is evidence of the growing influence of the smart technology and the hyper increased engagement of internet connectivity. The machine learning models and algorithm are ruling the IT sector with the intelligent and collaborative environment.

Future technology is evidently shaped by enhanced techs such as Artificial intelligence. AI is another progressing technology, dynamic and flexible to potentially access IoT devices. The progress will be evident with more compelling creation, and more prescriptive user experience.

Automation and AI foundation:
Though VR and AR technologies are trending in the market, currently, they are in the emerging phase. This new technology has revolutionized the interacting experience; hence, companies require a digital network by collaborating with apps, mobiles, and wearable.

One of the key things for the innovation of products is efficiency and productivity, enhanced at its own manufacturing facilities. A wide array of automation devices serving the manufacturing of improved products incorporated with robotic inputs across the maintenance and logistics can help to achieve an effective competitive position.

This article has been authored by Arjuun Bajaj, CEO & Founder, Daiwa TV