The future unveiled: Cutting-edge tech trends redefining consumer experiences in 2024

The showcase of breakthrough technologies at CES 2024 in Las Vegas gave the world a spectacular view of what lies ahead. The abundance of innovations and experimental technologies will undoubtedly create what we call ‘an interconnected future’. Over the last three years, the consumer tech industry has witnessed a radical shift in consumer preferences, with the Internet of Things (IoT), Virtual Reality (VR), Augmented Reality (AR), and now Artificial Intelligence (AI) leading the way. From increasing demand for premium products to a connected world, here are some of the trends that will shape the consumer electronics landscape in 2024.

Tier 1.5

With consumer technology reaching new levels of democratization, the market is dominated by a shifting trend of premiumization that is ushering in an era of innovation, high-end features, and the addition of next-generation technologies. Ranking high as one of the world's fastest-growing economies, it is no surprise that India is at the center stage of this explosive growth in demand for consumer electronics. Increasing purchasing power and financial tools like easy payment plans along with cashback schemes have propelled this growth. 

A recent survey conducted by The Indian Institute of Management Ahmedabad (IIMA) demonstrates a clear shift in buying preferences. Online shopping in Tier 2 to Tier 4 cities is up by 77 percent compared to Tier 1 cities. In addition, cashback offers, and attractive exchange schemes coupled with easy EMI options on various bank cards, be they debit or credit, have made it easier for customers to opt for the latest product.

 

Access is no longer a concern, thanks to the rise of online shopping. Moreover, the pandemic era accelerated the adoption of online shopping platforms. Indians are no longer just comfortable with e-commerce platforms but have made them an integral part of the search, browsing, and purchase journey for buying the latest in tech.

AI is here to stay 

Undoubtedly, artificial intelligence (AI) and AI-powered assistants will be the big driving force in 2024. Their influence on consumer technology has been gradually growing, and in 2024, AI will no longer be just about behind-the-scenes optimization. In fact, Generative AI’s advantages like personalization and customization are key USPs that buyers are looking for. AI is no longer limited to smart home devices, but increasingly permeating into AI-enabled audio products as well. In the audio field, AI is being used to analyse ambient noise levels, and automatically adjust sound quality, thus ensuring a better user experience.

The Internet of Everything

Further, connected devices are set to revolutionize the way we interact with technology and the world around us. With the rapid advancement of IoT (Internet of Things) technology, everyday objects are becoming smarter and more interconnected than ever before. From smart homes equipped with interconnected appliances that can be controlled remotely via apps to wearable devices that track our health and fitness in real-time, the trend towards connected devices is reshaping how we live, work, and play. The addition of machine-to-machine communication and open protocols like Matter is expected to lead to a surge in the adoption of a wider range of products that can interact with each other irrespective of brands and manufacturers. 

Gaming goes high-end

Mordor Intelligence reports India's nascent gaming industry to be worth $3.49 billion in 2024. This upward trend in the gaming audience is accompanied by a transition towards large-screen gaming. 

The visible shift towards gaming PCs comes at a time when consumer preferences and aspirational demand is shifting towards higher-end graphics and gameplay experiences. Affordability through easy financing schemes is a key driver catalyzing the adoption of PC-based gaming experiences across market categories. A new convergent form of gaming blending the benefits of traditional PCs with smartphone-like portability is set to be the next big trend for India’s mobile-first audience. These computers, pushing innovative new form factors will be instrumental in increasing access and driving down prices.

The increasing interest in gaming hardware is poised to have a cascading effect on gaming accessories as well. Larger monitors equipped with forward-looking display technologies like OLED panels and higher refresh rates are the next big trend amongst PC gamers betting big on premium, quality-of-life enhancements. As 144Hz and higher refresh rate monitors get mainstream, PC gamers are investing in 240Hz and higher displays for a smoother gaming experience. OLED monitors with 240Hz and 360Hz refresh rates formed the bulk of the announcements at CES this year, signaling a shift away from LED and QLED panels.

Wearables

Widely considered as a fashion accessory, wearables are starting to morph from add-ons to standalone devices. The declining average selling price of smartwatches and healthcare wearables is leading to mass adoption in the category. Counterpoint Intelligence reports that the demand for smartwatches surged 21% YoY in Q3 2023 paired with a 41% YoY decline in the average selling price. Coupled with advancements in sensor technology and AI algorithms, these healthcare-focused wearables are providing more accurate and actionable data to the end user. A seamless ecosystem of apps connected healthcare peripherals is empowering consumers to make data-driven informed decisions about their health. With a heightened focus on personal health and well-being across age groups, wearable devices are expected to become even more integrated into daily life. While affordable wearables will continue to democratize access to personal insights, a burgeoning premium tier of healthcare wearables is going a step further with access to real-time health monitoring and insights into critical parameters as diverse as blood sugar monitoring and mental health. 

Overall, in 2024, wearables and health tech are poised to play a significant role in shaping the future of consumer electronics, offering innovative solutions to improve health outcomes and enhance quality of life. This trend welcomes a diverse array of new brands catering to different price ranges.

Conclusion

In the Indian consumer electronics market, the landscape has evolved beyond budget-oriented devices. Recent trends suggest that an increasing number of consumers are turning to online platforms to shop for a diverse range of product categories, and they have a strong preference for the latest and highest-quality offerings available, whether it's for gaming, audio equipment, or home entertainment systems. With affordability options readily accessible, consumers across various cities in India are now more inclined to invest in top-tier technology products that best suit their preferences and needs.

The writer is Director, Consumer Electronics and Personal Computing, Amazon India