United States: On Thursday, the doors to the annual CES consumer electronics festival swung open in Las Vegas as the sector looked to the latest innovations to ease the pain of a faltering global economy.
The world's largest trade show for technology is forecast to have more than 100,000 visitors by Sunday, despite high inflation, ongoing supply chain issues and tech company layoffs.
Steve Koenig, research director for the Consumer Technology Association, reminded CES attendees of earlier innovations like smartphones and high-speed Internet, which became wildly popular ten years ago after "the last great economic downturn."
Also Read: INR in order to replace Dollar from global trade markets
During a presentation by the CTA, which oversees CES, Koenig said, "This time, I think the powerful new wave of technological change that will actually reduce inflation and restore global GDP growth is headed toward enterprise." will come from."
According to Koenig, these will include automated vehicles like tractors that farm without drivers, on-the-job virtual reality and robotics to make workplaces more efficient.
CTA President and CEO Gary Shapiro stressed that technology "is a deflationary force in the global economy" due to increased productivity.
Televisions, electric roller skates, self-piloting baby strollers, and other innovations aimed at glitzy people will be on display at CES, which will extend from the Las Vegas convention center to ballrooms in a variety of hotels along the famed Sin City Strip.
"Gone are the days" when CES was primarily about TVs, laptops and gadgets, according to Forrester principal analyst Thomas Hassan, even though major TV makers like LG, Samsung and TCL will have surprise displays.
Also Read: Oil prices drop 4% and trade is choppy due to worries about China and the world economy
According to Hassan, many brands are expected to highlight innovation in electric vehicles, robotics and embedded artificial intelligence, as technology innovation and software are integrated into everything.
However, analysts stressed that CES has become a venue for showcasing electric vehicles (EVs), which are evolving into internet-connected mobile computers.
In addition to EVs, Hewson predicted that recent US legislation such as the Inflation Reduction Act (IRA) will increase interest in sustainability innovation.
This was a reference to the recently passed IRA by the US government, which is expected to invest hundreds of billions of dollars in environmentally friendly projects and other forms of green technology.
Even though I worry that there won't be enough announcements at CES, it is undoubtedly the area where disruptive innovation will be most prevalent.
There is still a COVID effect present, though CES organizers claim that show attendance is moving "another step toward a return to normal, pre-pandemic levels."
Fewer people went to Las Vegas last year for CES, which consisted of real-world and online events. CES, like many other trade shows, will go completely virtual in 2021.
At CES this year, cutting-edge startups in artificial intelligence, TV and appliance makers, and makers of cutting-edge virtual reality gear like Meta and Google are all present.
South Korean technology giant Samsung unveiled a new line-up of smart kitchen appliances along with TVs that can connect to other connected devices and online services.
Companies hoping to attract customers to CES will need to make sure prices are reasonable for people who are battling inflation and may be a little tired of being online during the pandemic.
According to the CTA, US consumer electronics and service spending will total $485 billion this year, down from a record $512 billion in 2021.
Nevertheless, the association predicted that the tech industry's revenue would remain higher than it was before the pandemic, despite the fact that "recession and inflation will take a toll on the domestic budget."
Also Read: The Unknowns that Will Follow the World Economy Until 2023
During the pandemic, many tech companies flourished and hired a lot. As life began to return to normal, those businesses began cutting budgets and laying off employees.
The biggest cut of staff in its history was announced on Wednesday by online retail behemoth Amazon. During the pandemic, it was also hiring rapidly. According to König, the economy was meeting a persistent shortage of qualified workers.