A highly fragmented market, the global sales figure of IT peripherals is a mixed one. While the market in the United States and Europe is undergoing a slump, IT peripherals is quite in demand in the APAC region. The maturity of the market in the developed world and the nascent stage of IT peripherals in the emerging economies is regarded as the main reason behind this scenario. In fact according to market analysts the IT peripheral market in APAC will grow at a 4% CAGR by 2020.
History of Innovation
Source: Technavio
In order to stay in the market and grow at a decent pace, several IT peripheral firms are resorting to technological innovations and providing buyers with improved operational efficiency. Some of the major technological advancements, as identified by the analysts at Technavio are as follows:
3D printers
3 dimensional printers or 3D printers is one technological innovation which has applications in various business verticals. Some of the industries which will benefit the most are the aerospace sector, automotive industry and the medical & dental sector. 3D printers are also being widely used in the art & fashion industry and in the field of architecture to provide accurate demonstration models. Regarded as a major revolution in the sphere of technology, Microsoft, HP and Lenovo are the major suppliers of 3D printers.
Automation of production
As organizations are diligently working towards optimizing their IT spends, automation of production has emerged as a sought after technological innovation. Even though the initial cost of setting up the system is high, the automation production systems can reduce costs by around 75% – which is why several MNCs are investing in it.
VR gears
Though VR (virtual reality) gears have made entry in the sphere of gaming alone, they have been gaining a lot of popularity in the recent times. Majorly used to improve the user-experience of the clients; companies like Google, Facebook and Microsoft are using it for recreational purposes as well.
3D Webcams
Just like the 3D printers, 3D webcams are also being widely used in several industries as it helps in creation of real-time models. With the help of these models designers accurately design prosthetic limbs, clothes, buildings and interiors.
Increased preference for smaller devices with better connectivity along with shift from pointing devices to touchscreens, are some of the major trends which is fuelling innovations in the global IT peripherals market. For example, the sales of smaller and wireless devices like Bluetooth speakers, printers and keyboards has increased immensely over the past few years as compared to the sales of wired peripherals. This is mainly because of the mobility and convenience they provide, encouraging the manufacturers to come up with more innovation so as to operate on higher margins.
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