Manish Sharma , President and CEO , Panasonic India and South Asia
The consumer electronics industry has been growing significantly for the past few years due to the innovative technological development. Consumer electronics durables of all kind are becoming smarter by the day and this is becoming visible in all aspects of our lives. With the continuous inflow of disposable income and the advancement of technology, the need for the varied consumer durable goods is on a rise.
Smart TVs, smart homes, smartphones, Internet of Things (IoT), artificial intelligence (AI) – the consumer electronics (CE) industry has permeated every aspect of human life. Largely driven by consumers’ desire for newer, bigger, and improved capabilities, this sector is constantly looking for technologies, innovations, and products that not only capture the people’s imagination but are affordable and relevant to solving day-to-day problems.
The industry is entering into the age of convergence wherein entirely different streams of digital-based audio, video, and information technology unite and merge, removing entry hurdles across various markets and the whole industry. Consumer electronics is one of the largest segments in the manufacturing industry and promises huge potential, particularly in emerging markets.
The union of technologies has indeed resulted into a robust demand for consumer devices such as home appliances, entertainment products, telecom equipment, etc. Product and technology innovations of the future will not only make life easier but will also be minimalist in form and essence.
Nowadays, consumer electronics companies are integrating their products with the IoT technology to produce the range of smart appliances and make customers lives comfortable and convenient. IoT is the interconnectivity of physical objects and devices that are integrated with sensors and software that allow them to exchange and collect data. Therefore, this technology in consumer electronics market is growing at a rapid pace and is expected to gain prominence.
The market of enterprise technology changes rapidly, and in the IoT market, it changes even faster and in the electronics industry, it is changing the fastest. Over a couple of years the IoT technology has bought the revolutionary change in the consumer electronics market. Everything from devices to appliances will be connected and one can manage everything with one single device.
Energy efficiency and connectivity are other major technologies that play an important role. Whether it is TVs, audio, or smartphones all devices are searching to increase their efficiency and connectivity. Energy-efficient technologies are often viewed as desirable due to their potential to reduce greenhouse gas emissions while also saving costs. So, with rising concerns over carbon emissions and wasteful energy consumption, energy efficiency has become a critical area of focus.
As a result, manufacturers are beginning to develop green and efficient technologies and are redesigning their product offerings to decrease running costs, with a focus on environmental sustainability. Players in consumer electronics industry are committed to helping consumers achieve greater energy conservation with their sustainability-centric, eco-friendly innovations. Energy efficient products not only help individuals save money but are also environment friendly.
The new technologies are bringing paradigm shifts in the way we lead our lives and looking at these trends, one can be sure that the world will see several new innovations in the coming time.