Reinventing The Consumer Electronics Segment
After taking healthcare, education, and telecommunication sectors by storm, Artificial Intelligence (AI) is all decked up to revolutionize the consumer electronics industry within the next five years. As per IBEF’S industry analysis report, Indian consumer electronics market is expected to grow at 41 percent CAGR during 2017-20 to reach US$ 400 billion. Evidently,
the combination of AI and IoT into the market products is further going to fuel the exponential growth. Though some of the product segments, including smartphones, alarm clocks, watches, etc., have evolved into smart ones, many are going through a rapid AI transformation phase.
The application of AI into the industry of consumer electronics opens up many growth avenues and opportunities. For attracting the ever- evolving customers, the manufacturers are adopting the latest groundbreaking technologies, which specifically appeal to the customers and cater to their needs and requirements.
AI adoption by industry
Household electronics and appliance manufacturers are leveraging Artificial Intelligence to offer smart products to the customers redefining their interaction and experience.As per the findings of Gartner, some of the largest companies will be switching to intelligent technologies and Big Data analytics for tailoring their services and products to enhance customer experience.Though the wave has just started, consumer goods integrated with AI capabilities aim to provide world- class customer experience without any need for human intervention. To connect, understand, engage with tech-savvy customers, the consumer goods companies are leaving no stone unturned to empower their products with digital and AI technologies. In fact, consumer goods companies are heavily investing in cutting- edge emerging technologies like AI, Deep Learning, and IoT to specifically target advertising and marketing as many shoppers have gone digital and use mobile devices during shopping.
Building Smart Homes
The completely automated home is a novice concept in the market today, but steadily we are moving towards the true realization of it. Many household appliance manufacturers integrate IoT and AI in the household products enabling the consumers to connect intuitively with their living spaces, equipped with many such AI-powered capabilities ensuring the convenience, comfort, and affordability for customers. They, no longer, will have to bear the confusion or worries whether they switched off all devices and appliances before leaving the house as the intelligent devices can automatically get switched off or can be monitored in real-time using smartphones.
From OTT to Smart TVs
The era of Smart TVs commenced with many brands launching their AI-powered smart TVs. As per the report of IHS technology, global unit-share of Smart TVs increased from 45% to 64% in the year 2017 and is expected to reach 70% by the end of the year 2018. With the next- gen intelligent Smart TVs, the users can connect their Smart TVs to the Internet without using any wire and may simply access the streaming services like Netflix and Amazon Prime. Such Over-the-top (OTT) content providers make use of AI and its predictive nature for suggesting movies, TV shows, and web series on the basis of the viewing habits of the customers. In the next few years, we can see Smart TVs enabling us to browse Facebook, stream live videos, and check emails just like we do useour smartphones. Quite recently, Netflix has integrated AI-powered dynamic optimizer into its system, which compresses the online video uniformly according to the Internet connection speed. The future of Smart TVs holds such AI-powered dynamic optimizer integration, which will allow the TVs to deliver better quality pictures using less bandwidth.
After taking healthcare, education, and telecommunication sectors by storm, Artificial Intelligence (AI) is all decked up to revolutionize the consumer electronics industry within the next five years. As per IBEF’S industry analysis report, Indian consumer electronics market is expected to grow at 41 percent CAGR during 2017-20 to reach US$ 400 billion.