Consumer Staples, Consumer Discretionary Author:WIM Committee , Yi Lan Editor:Luke Sheehan Oct 29, 2020 10:31 AM (GMT+8)

The outbreak of the COVID-19 has caused the global consumer technology market to experience headwind challenges, accelerating the innovation dynamic in the industry.

Image credit: EqualOcean

On December 9-11, 2020, EqualOcean will host this year's World Innovators Meet (WIM). WIM2020 will take on a bolder stance and adopt a more global outlook by taking the form of an online conference that will be streamed simultaneously in all countries and regions that champion the realm of technology and innovation.
During the World Innovators Meet, the WIM Committee will release the annual blockbuster WIA list, the World Innovation Awards, based on our annual industry and investment research findings, together with a series of research reports.


EqualOcean will select 50 mid-term start-ups with great potential in the field of global consumer technology innovation in 2020. It is well-known that technology leads new trends in consumption, and this report will focus on changes in consumer technology during the COVID-19 and the long-term impact in the future.

Consumer technology refers to applications or cutting-edge technology products that can improve people's lives, or meet the needs of a high-quality life. The cutting-edge products developed by 5G, IoT, VR/AR, and artificial intelligence are called hard technologies; in contrast, they are non-technical soft technologies developed from business model innovation. They promote the rapid development of the consumer technology industry.

However, from 2019 to 2020, the outbreak of the COVID-19 crisis caused the global consumer technology market to experience challenges. How have these obstacles enhanced innovation?

The 'stay-at-home economy' has increased consumers' willingness to buy technology. Shopping methods have shifted from offline to online. According to a Statista survey, in 2020 the global consumer technology online market will reach USD 375.6 billion. By 2023, the market size is expected to grow to USD 548.4 billion, with a compound annual growth rate of 18%.

Through studying the latest development of industry distribution and country distribution in the consumer technology field, this report will mainly focus on five industries to find the relevant opportunities and challenges, including tourism, entertainment, smart home, sports, wearable equipment.

Tourism

According to the 'COVID-19 Mobile Market Outlook', by 2020, global tourism revenue is estimated to be USD 447.4 billion, a decrease of approximately 34.7% from the last year. Under the severe impact of the pandemic, the tourism industry has found new opportunities through digital transformation and innovative business models.

McKinsey research found that, in 2019, more than 60% of European and American consumers used online travel booking, and online travel agencies accounted for up to 50% of travel bookings. As travelers seek flexibility in booking time, digital transformation has become a general trend. In addition, emerging business models such as cultural tourism and VR tourism provide travelers with more interesting consumer experiences.

Entertainment

Under the influence of the pandemic, digitization has been strengthened due to social distance and mobility restrictions. The entertainment industry is becoming more streaming and personal, and is frequently used in home scenarios.

According to a survey by PricewaterhouseCoopers, the global entertainment industry in 2020 is down 5.6% from 2019. However, despite the impact of the pandemic, the basic growth trajectory of the entertainment industry remains strong. It is expected that, after the challenges of 2020, the industry will quickly resume its leading position.

Smart home

The increasing popularity of technologies such as wireless link devices and the Internet of Things provides huge growth opportunities for the smart home industry. In recent years, consumers have become more accustomed to linking daily devices in home to make life more comfortable, economical and safe.

The entertainment and control fields will occupy the largest share of the smart home market. According to the implementation rate of consumer products, the smart home market in the Asia-Pacific region is expected to grow at the fastest rate.

Sports

The improvement of living standards has given birth to people's healthy consumption concepts, and the 'body economy' has become popular. Under the constraints of fragmented time and the effects of the pandemic, sports scenes and conditions have been passively transformed from 'outdoor' to 'indoor,' thus setting off a new wave of development in the home sports market.

In recent years, sports products have gradually shown a trend toward lightness, intelligence, and simplicity. Statista research found that the global smart sports product market reached USD 7.1 billion in 2019 and is expected to reach USD 12.1 billion in 2026. At present, North America is in a leading position in this field, followed by Europe. The Asia-Pacific region is still developing, but has huge potential.

Wearable equipment

According to market performance, global consumer spending on wearable devices will continue to increase. Smart watches, head-mounted smart devices and smart headphones are the main products leading market growth. Among them, smart watches are the largest product category in the wearable device market.

Affected by the outbreak of the pandemic, market sales in this segment have dropped significantly. However, with the rapid development of technologies such as wireless technology, cloud computing, and mixed reality, from a long-term perspective, the popularity of wearable devices in the consumer field will continue to rise.


About WIM

Hosted by EqualOcean, the World Innovators Meet (WIM) is a world-class 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.


Register for the event

We sincerely welcome you to join WIM2020 on December 9-11, 2020.

Click here to register and you will receive:

[Global Trends] Key insights from 11 Industry and Overseas Chapters made available to you for all three days of WIM2020.

[Insightful Conversation] Connect with 120 top-notch global speakers, listen to their perspectives and interact with them online.

[Innovative Community] Join an exclusive network of 10,000 professionals to participate in discussions and gain first-hand information from fellow participants.

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Join the WIM2020 family and become a member of the World Innovation Community, participating in a technology and innovation carnival that connects the world right at your doorstep, all while drawing a special end to the extraordinary 2020!

Cooperation

If you would like to become/recommend a speaker, discuss cooperation opportunities or media partnerships, apply for the World Innovators Awards or to be a volunteer, please click here to fill in the WIM2020 Cooperation Form (we recommend you to do so on a computer). We will be in touch as soon as possible. Thank you and welcome!