Consumer technology

Transform the product to drive growth, outpace competition and sidestep commoditization.

What’s going on

In the dynamic consumer technology market, companies must continuously reinvent to satisfy changing consumer preferences. Generative AI is transforming products and influencing market trends and partnerships. It’s driving growth in smarter technology, reshaping customer experiences and stabilizing the industry. Challenges include rapid market changes, the need for cost-effective innovation and intense competition.

4 ways consumer technology is changing

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Changing buying preferences

As smart devices have become nearly ubiquitous, consumer shopping habits have changed. They’ve made a significant shift from physical shopping to online commerce to buying directly from manufacturers. Their strong demand for entertainment and self-care devices is reshaping the market landscape.

Smart devices on the rise

Consumer demand for technology is exploding. Smartphone sales are experiencing an upswing, but so are home robots and health technology. Use of remote patient monitoring doubled between 2019 and 2022, with 305 healthcare practices using it to track patient metrics at home.

Sustainable consumption models

E-waste has become such a critical issue for the industry that companies are adopting circular economy models to adapt. Such models not only drive new revenue streams and improve profitability, they also improve sustainability. Pretty important when you consider that more than 50 million metric tons of e-waste is created each year—74.7 million by 2030. Only 17.4% is currently recycled.

Excitement around AI requires smarter devices

Generative AI is transforming the way people interact with data, from basic queries into interactive dialogues. It’s already revolutionizing business workflows and customer service—that is, for those companies that have advanced technology infrastructures and powerful digital cores to support it.

Make your offerings more relevant to consumers. Use AI to power a data-driven digital transformation that will drive growth, reduce costs, and personalize content and experiences.

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73%

of customers expect companies to understand their unique needs

Transform your mindset to a core subscription-based platform business with agile enhancements, new ecosystem partners and continuous data upgrades.

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74%

of high-tech executives do not provide customers with multi-year product or as-a-service subscriptions

Win in the next generation of smart, connected devices via open innovation and improved software and platform engineering.

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80%

of a product’s environmental impact over its lifecycle is determined by its product design

Make a wise pivot—balance investment and resource allocation between the core business and the new to synchronize innovation and growth.

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Service delivers moments that matter for consumers. It is an essential function that can drive growth, amplify experience and strengthen customer loyalty and retention.

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