12 Top Emerging Trends & Technology to Watch (Part 1)
As a market researcher and analytics leader, tracking macro and micro trends while employing futures thinking principles to anticipate what the future market looks like is one of my favorite parts of my job. On the heels of CES 2020, I've compiled a shortlist of consumer trends and advances in technology that I predict will have a huge impact over the next few years.
1. Quibi
Will Quibi be the next platform we will become obsessed with? With $1B in funding, including from all major Hollywood studios, and Meg Whitman as their CEO, this video platform launching April 2020, will provide what they call "quick bites" of entertainment (short -format mobile videos). They have already enlisted top names within entertainment such as Steven Spielberg, Chrissy Tiegen, and Zac Efron for content launching this year.
2. Plant-based products
One of the most widely-sought innovations at CES this year was... Impossible Pork! Yes, a food product, not a tech gadget. As someone who has been a pescetarian for nearly 20 years, I am particularly excited about how Impossible Foods and Beyond Burger have generated the biggest movement towards plant-based meat alternative products that I've witnessed in my lifetime. Admittedly, I've been waiting for popular fast-food chains and quick-service restaurants to get on board with offering better non-meat options for nearly 2 decades as well! Thanks to the popularity of these two brands, there are more non-meat alternatives available than ever before. I anticipate this trend will continue to escalate and will expand the meat alternative category similar to how Chobani disrupted (and grew) the yogurt category over the last decade. I anticipate expanded options at not only retailers and fast-food/restaurant chains, but also at fairs, concert & event venues, sports arenas, and other out-of-home places. What I appreciate about this trend is that it makes exploring meat alternatives more accessible to sworn carnivores. This trend is so popular that this past Thanksgiving was the first time the demand for turkey alternatives was so great I couldn't find my annual Tofurky roast in-stock at any of the local grocers/retailers in my area (and I live in the San Francisco Bay Area!).
3. Taking Back Ownership and Selling of Your Personal Data
Whether or not Facebook/IG, Google, and the numerous apps on your smartphone are really listening to your conversations just so that they can serve you relevant ads is an interesting topic of debate (and perhaps conspiracy theory); however, it's the fact that they do have the technology to do so that puts most people at unease. As a result, there are a ton of apps, and privacy initiatives surfacing to help people take back control of their personal data. While this may put some at ease, I see this as a new market opportunity. If the average consumer has visibility and control of their own data, they can also one day be enabled to sell it. Data companies like Numerator already enable consumers a more seamless way to trade their purchase data (including access to their personal Amazon account and email) for monetary incentives. It's only a matter a time that a device or service will help you aggregate all of your personal data, including from wearables, into one place, package your data, and then enable you the opportunity to sell it. Data companies could then aggregate such data and sell as part of their syndicated data services.
4. No-code & Low code Solutions
Low-code and no-code solutions are breaking into the marketplace as a way for non-engineers to complete projects like creating an app using little or no coding. According to Forbes, the marketplace for these solutions is expected to grow at approximately 40% CAGR to $21 billion by 2022. The application of these solutions is the most significant as this will enable a whole new (non-engineering) audience the capability of building technology.
5. Robot Companions & Assistants
Ever since meeting Kuri in 2017, I have been obsessed with the idea of having a robot in my home. Admittedly, I have spent countless hours watching videos on the different robots available. I'm not the only one obsessed. Each year CES features a plethora of new at-home use robots, but it's the growing consumer uses for owing a robot that is just as fascinating as the innovation within the robotics space. Beyond the practical uses of robots for completing chores, guarding your home, being used as an educational tool for kids, and completing a myriad of tasks within your home; robots are also being used as social companions, particularly amongst the elderly. As robots continue to evolve and pricing becomes more accessible, it won't be long before having a robot at home will be as common as adopting a pet.
6. Foodservice Robots
The service industry has been disrupted over the last couple of years with Cafe X coffee baristas to Tipsy Robot in Las Vegas (pictured) mixing cocktails, Picnic's Pizza Robot , the adorable BellaBot waiter, and Pepper to name a few. Today, the service robots are still more of a novelty; however, as these service robots become more advanced and less expensive, it is likely we can see more robots taking over service industry roles in the future.