2023
9
UK Future of Technology Market Report 2023
2023-06-23T04:07:55+01:00
OX1158459
2195
164360
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Report
en_GB
“While generative AI is currently likely to be associated with the new Bing and Google Bard search engines, the technology has the potential to affect several key technology categories. It…

UK Future of Technology Market Report 2023

£ 2,195 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s UK Future of Technology Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest trends and consumer behaviours affecting your industry. Get a 360° view of the technology market to help you align your business strategy with the needs of your audience.

Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.

Topics Analysed in this Report

  • The impact of generative AI on the future of technology, internet search engines, smart home control and gaming.
  • Concerns surrounding AI and the discussion about AI regulation.
  • What aspect of the future of technology consumers are most excited about.
  • The technologies people think will have the biggest impact on their lives.

Technology Market Outlook

The cost of living crisis has squeezed spending in the technology market. However, consumers are set to be in a stronger financial position in the coming years, with the Bank of England estimating inflation to fall to 2% by late 2024.

Nearly two-thirds of consumers who know about AI are at least somewhat concerned about the increasing prominence of the technology. The biggest concern people have is AI making jobs redundant, with even the creative industries being at risk from Generative AI technology.

  • Technology market challenges: 45% of consumers agree that the crisis means they are less likely to spend on technology.

Future of Technology: Trends and Opportunities

Rise in voice control assistants

Many consumers see smart homes as the most exciting area of technology to follow in the coming years, which is second to smartphones. With voice control being the most used way to control a smart home, advancements to voice assistants can significantly change the connected home experience.

  • Technology market opportunity: 25% of consumers agree that smart homes are the most exciting area of technology.

Smart glasses innovation

While usage of smart glasses is relatively low, there is a rising level of engagement with the technology. Unlike VR headsets which were weighty and portrayed a virtual world, AR-based smart glasses take a different approach by presenting a virtual overlay on real life. This will enable consumers to use smart glasses for directions from Google Maps or Google’s live translation concept.

  • Future of technology market opportunity: 29% of consumers said they have not used smart glasses but would be interested in doing so.

To learn how to connect with your audience, purchase our full UK Future of Technology Market Report 2023.  Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty.

Leading Brands in the Technology Market

Google, Apple, Microsoft, ChatGPT, Metaverse, Amazon, Josh.ai.

Additional Features Included with Your Purchase

  • Interactive Data Book: This gives you unlimited access to a consumer confidence tracker that is segmented into 25 different demographic categories.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as Word and Excel.
  • Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.

Expert Insights from a Technology Analyst

This report, written by Zach Emmanuel, a leading technology industry analyst, delivers in-depth commentary and analysis to highlight current trends in the technology market and add expert context to the numbers.

While generative AI is currently likely to be associated with the new Bing and Google Bard search engines, the technology has the potential to affect several key technology categories. It could significantly enhance the control of smart home devices, individualise gaming experiences, improve product discovery on retail platforms and enable brands to offer tailored advertising of products and services.”

Zach Emmanuel - Research Analyst

Zach Emmanuel
Consumer Technology Analyst

 

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • Product covered in this Report
  2. Executive Summary

    • The market
    • Microsoft launches updated Bing in February 2023 before Google Bard debuts in March 2023
    • 5G in underground tunnels to drive significant increase in monthly data usage in London across the next three years
    • Ownership of VR headsets expected to remain stagnant, reducing metaverse success
    • Companies and brands
    • Josh.ai gives early glimpse as to ChatGPT functionality through voice-controlled speakers
    • Apple unveils Vision Pro mixed reality headset
    • The consumer
    • Personalisation of ChatGPT-based services will change perception of AI being an FAQ tool
    • Ambiguity surrounding the metaverse is likely to be a factor in lower engagement
    • Potential for AR-based smart glasses to take off once the designs are more compact
      • Figure 1: Previous usage of new technologies, 2023
    • Google and Microsoft’s promotion of AI will give clarity as to the technology’s use
      • Figure 2: Knowledge of AI, 2023
    • Google’s CEO Sundar Pichai says concern about AI could drive early regulation
      • Figure 3: Concern over the impact of AI
    • Creative industries among the sectors at risk from AI-generated content
      • Figure 4: Reasons for being concerned about AI, 2023
    • Google Bard and Microsoft Bing’s third-party support adds functionality to chat-based search
      • Figure 5: Technology sectors of most interest for the future, 2023
    • Consumers are most likely to think driverless cars will change their lives
      • Figure 6: Technologies to have the biggest influence on daily lives, 2023
  3. Issues and Insights

    • Smart glasses to appeal more than VR headsets as technology matures
    • Lighter weight to provide key advantage over VR headsets
    • AR overlay on real life is likely to be seen as less gimmicky than VR
    • Support for third-party services will expand Google Bard and Bing beyond smartphone internet searches
    • ChatGPT-based voice assistants will significantly change how consumers interact with smart home devices
  4. Market Background

    • Microsoft launches updated Bing in February 2023 before Google Bard debuts in March 2023
    • Future of Life publishes open letter asking for a pause in the development of advanced AI
    • Creative industries among the sectors at risk from AI-generated content
    • Music artists using AI development to drive fan engagement
    • Transparency over AI for all companies will be vital to maintain trust amid fake information risk
    • Meta denies that it is shifting away from the metaverse
  5. Market Drivers

    • Technology market will be boosted by consumers’ stronger financial position
    • EE leads 5G rollout with over 60% of the UK covered
    • 5G in Underground tunnels to drive a further increase in monthly data usage in London across next three years
    • Ownership of VR headsets remain stagnant limiting metaverse success
    • Greater potential for smart glasses than VR with metaverse
    • Microsoft argues that 10-year streaming license for rivals will ensure healthy competition in future gaming market
  6. Launch Activity and Innovation

    • Microsoft announces new features for Bing including support for third-party services
    • NVIDIA showcases generative AI for video game characters
    • Josh.ai gives early glimpse as to ChatGPT functionality through voice-controlled speakers
    • Amazon to bring generative AI to Amazon Astro in coming years
    • Apple unveils Vision Pro mixed reality headset
    • Significant barriers to the Vision Pro being a long-term replacement for iPhones
  7. Usage of and Interest in New Technologies

    • Personalisation of ChatGPT-based services will change perception of AI being an FAQ tool
      • Figure 7: Previous usage of new technologies, 2023
      • Figure 8: Previous usage of chatbots, by generation, 2023
    • Ambiguous definitions of the metaverse likely to be a factor in the lower engagement
    • Potential for AR-based smart glasses once designs are more compact
  8. Knowledge of Artificial Intelligence

    • Google and Microsoft’s promotion of AI will give clarity as to the technology’s use
      • Figure 9: Knowledge of AI, 2023
      • Figure 10: Knowledge of AI, by usage of a chatbot, 2023
  9. Concerns Surrounding Artificial Intelligence

    • Google CEO Sundar Pichai says concern about AI could drive early regulation
      • Figure 11: Concern over the impact of AI, 2023
    • Consumers show an openness to AI-generated creative content
    • Other people will value human-made content even more
      • Figure 12: Reasons for being concerned about AI, 2023
  10. Most Engaging Technology Sectors for the Future

    • Sustainability will be an important smartphone trend
    • Google Bard and Microsoft Bing’s third-party support adds functionality to chat-based search
      • Figure 13: Technology sectors of most interest for the future, 2023
    • AI will enable more natural control of smart home devices
    • Intelligent smart home assistants can align with environmental goals
    • Google Bard also likely to add smart home control to expand its functionality
    • Access to exclusive Activision games should help to provide healthy competition between Xbox and PlayStation
      • Figure 14: Technology sectors of most interest to Generation Z for the future, 2023
  11. Future Impact of Technology

    • Consumers are most likely to think driverless cars will change their lives
    • Generation Z and Millennials offer a target audience for companion robots
    • Consumers’ perception of generative AI will change as use cases continue to emerge
      • Figure 15: Technologies to have the biggest influence on daily lives, 2023
  12. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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