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In 2024, GenZ consumers will significantly influence the demand for tech products, as they already make up a quarter of the tech world’s consumer population. These insights were shared by Jessica Boothe, director of research for the Consumer Technology Association (CTA), and Brian Comiskey, director of thematic programs at the CTA, at the opening session of the CES 2024 tech trade show in Las Vegas.
The CTA, which has been around for 100 years, has long been gathering research on consumers to identify trends that shape technology. GenZ represents about 69 million people in the U.S. and a quarter of the world’s population. Globally, there are 5.4 billion people, including 90% of GenZ in emerging markets.
While 92% of the U.S. population is online, only 46% are online in India, 55% in Nigeria, 73% in China, and 87% in the European Union. The CTA predicts an additional billion people will be online by 2027, with Elon Musk’s Starlink being a significant contributor. Expectations for 6G wireless technology and the Internet of Things are also high.
Comiskey mentioned the advent of Li-Fi, a technology that uses light to transmit data. He also highlighted that the tech world will increasingly focus on AI, robotics, cloud computing, and cybersecurity. Major topics at CES include AI, sustainability, and inclusivity.
Generative AI, popularized by ChatGPT, is just the beginning. AI is poised to become even more significant with companies like Intel, AMD, Nvidia, and Qualcomm investing in AI technologies. Microsoft is also making strides with its new Copilot key, the first addition to the Windows keyboard in 30 years. Comiskey emphasized that AI will permeate all industries.
He noted that nine out of ten U.S. adults are familiar with AI, with many holding positive sentiments about it. However, there are concerns regarding privacy, disinformation, and job loss, with 74% of people believing the federal government should regulate AI safety.
Siemens plans to focus on the industrial metaverse, using robotics technology and digital twins, where a factory is created virtually before being built in real life. Real-life factories will have sensors to improve the design of their virtual counterparts.
The CTA showcased new technologies such as lightweight exoskeletons that enhance lifting capabilities. At CES Unveiled, Muscle Suit from Innophys allowed participants to lift heavier weights effortlessly.
Sustainability is both a revolutionary and evolutionary trend. In 2023, nuclear fusion ignition was achieved multiple times. The push for electric vehicles, renewable power, and consumer electronics recycling continues. Since the Paris accords on climate change were signed in 2017, efforts to meet climate change goals by 2030 have accelerated in some countries.
In the U.S., $97 billion has been allocated to achieve carbon-free electricity by 2035 and net zero energy use by 2050. Innovations like Air Farm from Nit Bar, which grows sustainable food in deserts, contribute to these goals.
Boothe mentioned that companies are adopting inclusive tech designs, with diverse management teams seeing 19% higher revenue. There are 1.8 billion people in the world with disabilities, representing a substantial market for accessible products.
CES Unveiled featured many products for disabled individuals. For instance, Ives from France presented the Iris chatbot that interprets sign language for deaf people. The women’s health market is projected to reach $1.2 trillion by 2027, with products like cooling pads that detect and alleviate hot flashes during the night.
CES is also famous for showcasing mobility innovations, including numerous electric vehicles and wireless EV charging technologies. Brunswick displayed an electric motor for boats, and Supernal introduced a vertiport design for flying cars. Kia showed purpose-built vehicles for various tasks.
Boothe stated that TVs will become the intelligent hub of homes, integrating with the Internet of Things ecosystem. LG demonstrated this with their latest technology.
Gaming is increasingly important within the broader consumer market. Boothe highlighted the success of entertainment based on games, like The Super Mario Bros. Movie and the TV series The Last of Us. There are 40 TV series and movies based on games in development, with a rush to remake retro games with modern graphics. Newzoo estimates there are three billion gamers worldwide.
The CTA also noted a shift in consumer electronics revenue, with 64% now coming from hardware and the rest from software.