The tech world this week congregatesto in Las Vegas to witness the showcasing of the latest inventions and innovations in the consumer devices and technologies segment. The 2015 Consumer Electronics Show which kicks off the new year with the latest in tech gadgets also saw many technology companies including promising start-ups unveiling software platforms, operating frameworks and SDK/APIs as the number of connected smart devices in every household continues to escalate.
The trend is in tandem with the expected increase in the number of connected consumer devices, poised to reach a market size of USD$88 billion by 2020, with a CAGR of 14.4% from now till then, according to a study by Mind Commerce 'Global Connected Consumer Devices'. While the overall consumer electronics market continues to expand and reach USD223.2 billion by this year as per the Consumer Electronics Association's forecast for the industry, connectivity will be pushing new frontiers for the industry as more consumer electronic devices become connected to the cloud and hence, start boasting new functionalities including the ability to be controlled from anywhere in the world, ability to provide real-time analytics to end-users and the ability to communicate with other machines and execute orders based on pre-configured 'if this than that' type of rules. The introduction of these functionalities to mature consumer electronics products opens up opportunities not only for the manufacturers but also for those providing the software layer, the connectivity and the cloud services.
At the same time, fast growing consumer electronics segments such as smartphones and wearables saw more feature enrichment and more advanced designs being introduced including LG's latest LTE-A curved smartphone.