Remote control and the rapid growth of 5G FWA drive volume in the consumer technology market

From device focus to experience focus: smart home devices and smart glasses will become high-speed and “always on”

LondonAnd the June 23, 2022 /PRNewswire/ – According to ABI Research, overall consumer technology demand grew significantly in 2021, and volume is expected to remain strong for the foreseeable future. This is despite doubts about the pandemic, geopolitical issues and the ongoing war in Ukraineand supply chain problems. In addition, many countries are currently experiencing high inflation rates and an increasing cost-of-living crisis, all of which will continue to negatively impact consumer spending behaviors through 2023 and beyond.

ABI Logo 2021 (PRNewsfoto / ABI Research)

ABI Logo 2021 (PRNewsfoto / ABI Research)

According to global technology intelligence company ABI Research, Despite the previously mentioned external economic factors, significant trends are emerging in the consumer electronics market that prioritizes user experiences over device type. These key developments include remote access to devices connected to the smart home, immersive experiences with smart glasses, and fast broadband connectivity through 5G Fixed Wireless Access (FWA), all of which are gaining momentum and fueling the growth of the consumer technologies market.

“Vendors are increasingly offering smart home control through apps and services. Smart TVs, for example, will become a smart home display, with “always connected” capabilities and lower power modes, allowing TVs to play an even more important role in the assistant world. Furthermore, the value of home security apps and platforms continues to drive sales, driving demand for these devices far beyond expected estimates,” Philomena Juvino, 5G Devices, Consumer Technologies Research Analyst at ABI Research. Overall, ABI Research expects the global market for smart home devices to reach 1.9 billion shipments by 2030, up from 751.3 million in 2021, with a compound annual growth rate (CAGR) of 9.4%. In addition, revenue will reach 51.3 billion US dollars In 2030, up from $26.5 million USD In 2021 at a compound annual growth rate of 16.5%.

The vision of immersive communication is to enable natural experiences and interactions from a distance. The demand for immersive content in many markets presents a huge opportunity. For example, virtual reality (VR) applications have been expanded beyond gaming to include areas such as tourism, education, social reality, sports and fitness, and productivity/creative applications. ABI Research expects that total VR head-mounted display (HMD) displays will increase in 2022, to nearly 15 million units. “In addition, augmented reality (AR) has the potential to improve telematics and mainstream smart glasses that, while representing a small market in the consumer space, will dramatically change how and when people communicate and collaborate. Smart glasses will dramatically change connectivity. and service performance, calculating needs,” says Juvino. Apple and Google are spending heavily in this area on their mobile platforms, which will enable unique mobile VR solutions and smart glasses. After rebranding from Facebook, Meta has invested billions of dollars in realizing its metaverse vision, with AR and VR serving as the hardware foundation. ABI Research expects AR glass to reach 2.7 million shipments by 2027 worldwide at a compound annual growth rate of 67%.

The COVID-19 pandemic has had a massive impact on consumer habits, forcing more remote work, learning and entertainment consumption, while online buying has rebounded prompting retailers to roll out their offerings across many channels. This change in behavior has necessitated faster broadband development in areas that lack fiber connections, and thus, the demand for better broadband connectivity is increasing worldwide. Fixed Wireless Access (FWA) represents a cost-effective and scalable alternative to traditional fixed-line broadband connectivity, and ongoing 5G deployments are driving significant growth in the 5G FWA market. Essentially, 5G FWA will become a direct competitor to fixed broadband, providing low-cost and easy-to-deploy broadband installations to fixed locations in rural or scattered areas, however, a 5G network must be deployed to cover these areas, and this cannot be said so far from many of countries all over the world. “Therefore, the 5G FWA market is likely to be concentrated in mature markets such as North Amarica And the Western Europe in the forecast period. The 5G FWA market is expected to experience significant growth with a compound annual growth rate (CAGR) of 72%, reaching nearly 69 million subscriptions worldwide by 2026.”

These results are from ABI Research’s Consumer Technology Market data report. This report is part of the company Consumer Technologies Research service, which includes research, data, and analyst insights. market data Spreadsheets consist of deep data, market share analysis, and highly segmented and service-specific forecasts to provide detailed insight into where opportunities lie.

About ABI Research

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SOURCE ABI Research