Gen Z Lifestyle Driving Demand in the New Digital World Order

Ankur has completed his B. Tech. degree in Computer Science from Indian Institute of Technology (IIT), Delhi. He has a fruitful, challenging and rewarding journey of over 25 years focused on building strong teams and grooming leaders who can deliver on the global stage. Ankur is responsible for heading multiple R&D business units in Noida in addition to Indian Govt relations. His authenticity, analytical bent of mine, deep dive approach and highest level of integrity has won him numerable accolades whilst creating and growing MediaTek’s business in India.

The ongoing era, marked by smart and intelligent technologies, is virtually governed by Gen Z customers. Raised on the internet and nurtured by the information obtained from the ever expanding WWW, this young population is the most up-to-date with regard to devices and their underlying technologies. The advent of smartphones elevated their status further, making nothing nearly impossible for them. Now, it’s the turn of other smart gadgets and wearables which are set to add new avatars to their persona. No doubt, the insatiable mind-set of this young population is acting as a major force driving these innovations forward and the world is the oyster for technology companies.

The Meteoric Rise of Smart Gadgets
In the above context, smart wearables are emerging as the next biggest opportunity for device makers in India. IDC reveals that India’s wearable market is growing at a record pace, having shipped a whopping 37.2 million units in 3Q22,an increase of 56.4% YoY. Smart watches and ear wears account for a major share of the shipment, as per the report.

Meanwhile, smarthomes are evolving as another major segment for smart devices in India. As per the report from Statista, the number of active smart home households is expected to grow to 66.1mn users by 2027. Devices like voice assistants, smart oven, HVAC systems, surveillance cameras, robotic vacuum cleaners, smart locks, doorbells and air purifier are expected to refine the interiors of an average household in India, in the coming years, and this is just the tip of the iceberg.

Today, banks are increasingly using data and drawing insights by using data analytical tools and capabilities

Innovations Triggering the Scale
Thanks to the high levels of competition and the aggressive marketing and pricing strategies adopted by leading vendors, the smart devices market in India is set to surpass major markets in the world. In fact, IDC estimates that by 2023, India will surpass the USA to become the second-largest wearables market globally, behind only the People’s Republic of China. The government-led initiatives like Make in India and the subsequent schemes that were launched to favour investments in the country have given an impetus to local manufacturing. This is expected to facilitate large-scale collaboration between global vendors and Indian ODMs, leading to greater levels of innovation and economy of scale.

Modern technologies play a lead role in moulding the smart devices segment. The combination of Internet of Things (IoT) and Artificial intelligence (AI)/ Machine Learning (ML)deliver several capabilities that can enhance the overall experience of users. Most importantly, the AI/ML algorithm makes these devices highly automated, thus eliminating manual programming routines. With this, they are even capable of predicting the user’s behaviour and performing the required tasks without the need for direct commands. As the demand evolves for greater performance and attractive features, device makers are focused on delivering innovative features supported by advanced technologies. For example, smart watches are now equipped with bigger screens, AMOLED display, e-Sim connectivity and NFC enabled for payment. Voice assistants are growing smarter by incorporating Natural Language Processing (NLP) along with Sentiment Analysis to generate conversational AI capabilities and make conversations more meaningful and intelligent.

Many smartwatches today are equipped with AI/ML to deliver real-time monitoring of health parameters, enabling users to make quick decisions about their health conditions. The advanced analytics supported by AI/ML helps healthcare providers identify the underlying issue and adopt quick measures. Voice assistants fitted with AI can perform analyses on aspects like energy consumption at home/office, sleep patterns of the members, security vulnerabilities, shopping trends, and many more. AI/ ML advancements are expected to revolutionize the smart devices segment, with myriads of applications in smart homes.

Focus on the Chip
With chipsets forming the foundation of these devices, chipmakers are pursuing innovations and engaging with OEMs to power more devices that can take advantage of the latest technologies. MediaTek has been leading the innovations in smart devices by developing powerful, highly integrated and efficient system-on-chip products. We are also enabling the future of AI by creating an ecosystem of Edge-AI hardware processing coupled with enhanced software tools across the entire product range smartphones to smart homes, wearables, IoT and connected cars.

As chipmakers strive to build smarter and more intelligent technologies that empower generations to break all the barriers and pursue their goals with power and intelligence, the Gen Z is finding their demands met even before they conceive the next frontier.