Tech gadgets are some of the best-selling retail items in the world, with consumer electronics accounting for a large portion of the global economy. Gadgets are immensely popular because they increase convenience and comfort while helping people perform tasks or keep themselves entertained. In fact, there’s really no limit to what a gadget can and can’t do, as this is simply a term used to describe an electronic device. As you’ll discover within the course of this short round-up, some of the most popular kinds of gadgets didn’t even exist a decade ago. More specifically, these are the three gadget sectors that entrepreneurs and investors need to watch out for in 2020:
1. Medical Devices
Medical devices represent an interesting new category in consumer technology because they’re changing the way patients and healthcare providers interact with each other and the way patients take care of their ongoing health maintenance and treatment needs. The dramatic growth seen in this sector can be largely attributed to the advent of custom medical device manufacturing services. The medium-to-high price point of these devices combined with the potential to land huge distribution contracts with hospital chains and other larger healthcare entities makes this an appealing market for investors who are interested in high-volume, high-price business models. Furthermore, the number of consumers who buy medical devices directly for themselves or loved ones online is also increasing every year.
Wearables are devices that you can wear, such as fitness bands and smartwatches. This kind of gadget has been trending for the past few years, as consumers are gravitating towards the idea of tracking their progress and monitoring the details of their businesses, personal lives, and physical fitness stats while on-the-go. Overall, it’s a more hands-free and portable alternative to carrying around a clunky smartphone. While you might not personally have an interest in wearables, market stats indicate that more than 80 million people wear this kind of gadget in the U.S. alone.
Virtual Reality Accessories
Virtual reality is set to be the biggest thing that has ever happened to not only gaming but also the consumer electronics industry as a whole. However, in order to create truly immersive experiences, tech startups and manufacturers have been thinking up all sorts of related accessories, such as omnidirectional treadmills that let you run and jump in any direction or arcade-like racecar simulators that can move you around to make you feel like you’re really sitting in a moving vehicle. Right now, there’s a heated race to develop the first line of fully functional haptic feedback suits and accessories, which could be used to give players the impression that they’re touching or making contact with objects in the game.
Pay Attention to New Inventions
Aside from the three kinds of gadgets mentioned above, there are new inventions hitting the market every year. Sometimes, if the invention is popular enough, it will create a massive market of its own. For example, think about how fidget spinners went from non-existence to being one of the most popular novelty gadgets in the world within a single holiday season.