Looking back on the past, the global consumption market changed with each passing day as a whole. The consumption demand transforms from the development type to the experience type, and consumer technology is undergoing the upgrade from Internet consumption to intelligent consumption.
On December 9-12, EqualOcean is holding the World Innovators Meet (WIM) 2020. This year, the event's main topic is 'Technology and Innovation Connect the World.' WIM2020 gathers innovators from Asia, Africa, Europe and the Americas to share their knowledge and key achievements, promoting the concept of 'Tech for Equal.'
Looking back on the past, the global consumption market changed with each passing day as a whole. The consumption demand transforms from the development type to the experience type, and consumer technology is undergoing the upgrade from Internet consumption to intelligent consumption.
During this period, companies is undergoing digital transformation, which is mainly embodied in two types of consumption enterprises: One type is traditional enterprises in the consumption industry which optimize existing products, marketing，and other links in the production chain. The other type is new players in the traditional consumption industry which carry out innovation of the existing industry relying on the internet thinking.
To study the innovative trends in terms of consumer technology, EqualOcean presents 《Next 50 in Global Tech: Consumer Technology》report, especially focusing on enterprises with the development potential in some segmented industries, such as tourism, media & entertainment, smart home, sports & fitness, wearables, etc. and aims to provide a reference for investors and practitioners in this field.
Concept of consumer technology
Consumer technology refers to applications or cutting-edge technology products that can improve people's lives, or innovative service meet the needs of a high-quality life.
The concept of 'consumer technology' is undergoing the dynamic change from a single aspect to multiple aspects and from a specific context to the universal meaning. Along with the economic development, the consumer structure has changed. Consequently, there are more innovative business models, and the definition scope of consumer technology has been expanded, including 5G, AI technological products as well as technology-based innovative services.
According to the market performance, technological factors which promote consumption development can be classified into two major categories. The first category is the 'hard' technologies which refer to cutting-edge products developed based on technologies, including 5G, IoT, XR, AI, etc. The second category is the 'soft' technologies which are developed based on innovation of business models.
Is the future of consumer technology worth expecting?
In the future, 'hard' technologies such as 5G、IoT、AI、XR leads the epoch-making transformation of consumption experience and product design. 'Soft' technologies centering on innovative business models promote dual-way acceleration of both the online and the offline consumption.
From the perspective of the 'hard' technologies，5G, IoT, XR and AI technologies empower consumption, are implemented in diversified consumption scenarios, lead epoch-making transformation in design of consumer services and products, provide consumers with diversified immersive sensual experience and bring decentralized development of digital terminals. Connected intelligence provides different kinds of equipment performance and service modes, making co-existence of security and convenience possible.
From the perspective of the 'soft' technologies, many emerging business models will bring combination of technologies and APPs. 2020 marks the first year of the era of innovative consumption, and the traditional extensive product positioning and marketing mode in no longer able to meet consumers' demands, so enterprises continuously provide consumers with new products and consumption experience based on innovative business models composed of consumer behavior patterns, online traffic and consumption scenarios. Personalized brand modes, online live streaming and so on are promoting rapid development of consumer technology.
In spite of the hit of COVID-19, these new trends will bring global consumer technology enterprises with iterative evolution opportunities. Some long and medium-term startup enterprises in market segments have overcome the crucial competition centering on giant companies and will carry out breakthrough innovation relying on advanced technologies and keen perception of the consumption market to get more space for business profit.
Next 50 in Global Tech: Consumer Technology
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About WIM
Hosted by EqualOcean, the World Innovators Meet (WIM) (click to watch the online event on December 9-11, 2020) is a global event for innovators. It provides limitless opportunities to learn from and connect with the most sought-after technology pioneers.
About WIA
The World Innovation Awards (WIA) are announced at WIM to recognize game-changers across various industries and geographies. Selected by a committee of distinguished experts, entrepreneurs and investors, WIA are designed to acknowledge technology disruptors striving to make a positive impact on a global scale.
See this year's WIA lists and download the research reports in English and Chinese on EqualOcean and 亿欧智库 respectively.