Imagine in the next decade or two, the cleaning up ritual of Diwali is done by robotic vacuum cleaners. The Wi-Fi enabled cleaning robots sweeping floors and dusting corners of your home while you sit back and rejuvenate for the festivity. This idea isn’t far-fetched.
Thanks to the incredible and constant technological innovations taking place. Leveraging AI (artificial intelligence), machine learning, automation, and robotics, several tasks are now being taken over by the machines. In fact, a report from McKinsey Global Institute (MGI) suggests that automation and artificial intelligence (AI) could displace between 400 million and 800 million people worldwide by 2030.
Adoption of consumer tech
Against such a backdrop, let’s take a recent incident. I will give an example of how consumer technology and smart appliances played a crucial role for the good of humankind. During the lockdown phase, when most of us were confined to our houses, technology became a saviour. Juggling between work from home and household chores, we have witnessed a large number of people adopting technologies designed
for their day-to-day needs. From shopping to washing dishes and cleaning the house, it aided us with solutions to ease our day-to-day work.
Owing to the current situation, consumers have embraced contact-less smart solutions and the ones that reduce dependency on humans and provide us the flexibility of doing things faster and better. Moreover, recent reports projected a spike in the sale of robotic vacuum cleaners, dishwashers, and other DIY appliances during the lockdown period. Thus, the availability of these tech-enabled solutions turned out to be a helping hand in the absence of domestic help. This trend is likely to grow in the foreseeable future. A recent report projects that the global robotic vacuum cleaner market size is expected to grow at a compound annual growth rate (CAGR) of 17.7% from 2020 to 2027. Not surprisingly, consumer technology and automation have paved the way for a new future.
Growth story & market opportunities
The pandemic undoubtedly has made it evident that the success of consumer tech and automation is based on human needs. Rise in working population, high disposable income, changing lifestyle, and ease of usage are some of the major factors acting as a catalyst for the growth of the consumer tech market worldwide. Plus, higher penetration and adoption of consumer tech is creating opportunities for manufacturers in the market. For example, the growing trend of smart homes is acting as a major supporting factor for the market growth of robotic vacuum cleaners and smart lights.
The mаrkеt ѕіzе of AI ѕоftwаrе аnd ѕуѕtеmѕ is relied upon to reach $38 million by 2025. Therefore, players in the consumer goods segment have been at the cutting edge of the current rise in technological innovations. Integrating IoT and AI, products are being designed for smart usage that can be operated from anywhere and anytime, thereby, improving the customer experience. The fundamental objective of these innovations is to provide flexibility and relief to time-crunched users in today’s fast-paced world.