Innovative Trends that are Transforming Electronics Manufacturing Industry
The electronics manufacturing industry has witnessed rapid changes in recent years. Many electronics manufacturing companies became successful by adapting the changes where few are still in difficulties to match up with the trends. There are few trends that are Transforming Electronics Manufacturing Industry.
Virtual Reality (VR) & Augmented Reality (AR)
Virtual reality (VR) and augmented reality (AR) have been largely used for various capacities in the design phase of products. VR can be integrated with computer aided designs. These innovations allow designers to make more reliable and accurate changes to the products at the very beginning stage of productions. As workers are able to identify and fix the errors before the final product is made, the risks for poorly designed products can be reduced. That’s why, it helps to improve efficiency and save inspection time & cost.
Internet of Things (IoT)
Internet of Things (IoT) technology is an interconnection between physical products that are integrated with sensors and software that enable them to convert and collect the data. The technologies that enable smart home appliances are Bluetooth Low Energy, micro servers, Wi-Fi, and micro-electromechanical systems etc.
As per the industry experts, the global IoT in consumer electronics market is estimated to generate US$ 124 billion. The market is anticipated to grow at approx. 24.16% CAGR by 2023. As IoT is convenient to handle and it makes customers comfortable, it is becoming very necessary for home appliance manufacturers to integrate their product with it.
Increasing Popularity of E-commerce Platforms
Previously, many electronics product manufacturers had business-to-business approach for the operations. But now, with increasing digitalization, many consumers choose to shop online. Also data says, ecommerce is expected to reach more than $6.5 billion by 2023. So there is a need for the product maker to shift towards business-to-business-to-consumer (B2B2C) model. So that they will be able to sell their product directly to customers.
This platform allows manufacturers to reach market in lesser time in any area. Plus, online generated data provides the feedback about the product and according to it, they can make changes. Also, this helps to build better customer relationships. To take advantages of these mentioned benefits, a business must leverage existing e-commerce platforms and logistics divisions.
When the manufacturing firm plans to adopt these trend, in depth knowledge of market is very important otherwise the change may affect the business. But these days, coronavirus outbreak is major reason that is troubling the electronics industry. And experts estimates if the spread continues and spur continuous public health to China, manufacturers may be force to either slow down or stop the production. And this situation will have a significant impact on global electronics manufacturing industry as well as semiconductor industry.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.