US Future of Technology Market Report 2024
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This report examines the US consumers’ relationship with technology, covering consumer attitudes, demands and behaviours, and how future technology market trends will impact consumers’ lifestyles. The report also provides an analysis of market dynamics, including macro-economic, social and environmental factors impacting the future of tech in the US.
Key Topics Analyzed in the Full Report
- AI’s impact on the wider market.
- Existing devices consumers would see enhanced by new technologies.
- Technology usage and awareness.
- Key factors driving technology adoption.
- Brand name trust for AI development in consumer electronics.
- Concerns regarding the future of technology.
- Attitudes regarding new and future technology and its impact on society.
Future of Technology – Opportunities and Challenges
Smartphones stand firm as the most in-demand tech, with many looking to their phone to showcase future innovations. Its importance and demand for enhancement are unmatched, as it’s the essential gadget people take with them everywhere.
- Future of tech consumer demands: 67% of adults desire revolutionary new tech in smartphones.
Business that aren’t already investigating AI use cases are already behind the curve. Despite this, AI faces consumer hesitancy. The key for brands is to offer AI as an optional, safe enhancement, addressing privacy concerns and allowing users to adapt at their own pace.
- Future of technology consumer demands: 51% of 18-34s would most trust an AI-powered Apple type of device.
Tech leaders are uniting with the FCC to launch a security certification for smart devices, aiming to boost consumer trust with tech with a seal and QR code. By proactively addressing concerns, companies can encourage adoption. This highlights the need for balance between innovation and privacy, urging for laws to strengthen confidence.
- Future of technology consumer concerns: 60% of 55+ adults have tech worries stemming from data security.
Readers of this report may also be interested in our US Tech Wellness Market Report 2024, or our range of Technology Market Research.
Meet the Expert
As a Gaming Analyst, Brian researches and analyzes the video game industry across genres and platforms. Brian has been with Mintel since 2017. His education background in Game Design and Animation informs his expertise and consumer insights in the gaming sector.
Some folks might already be tired of hearing about AI, but brand, advertiser and consumer level sentiment point to it staying in our lives for keeps.
Brian Benway
Senior Tech and Gaming Analyst
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Executive Summary
- What you need to know
- Market predictions
- Smartphones and internet tech dominate usage
- User-friendliness drives tech adoption
- Smartphone AI is in demand, but skepticism remains
- Data security and privacy concerns are front of mind for users
- Opportunities with the future of tech
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Market Dynamics
- Market context
- Market overview
- Steady GDP growth enables more consumers to get nice-to-have tech upgrades
- Graph 1: quarterly real GDP growth, 2020-24
- Annual inflation sits at 3% as of June, the lowest it has been in over three years
- Graph 2: headline CPI and shelter CPI, 2021-24
- Consumer sentiment remains down but is expected to rebound soon
- Graph 3: consumer sentiment index, 2022-24
- Households’ outlooks on their personal finances remain bullish
- Graph 4: income growth in the past 12 months, by financial outlook, 2024
- Graph 5: opinions on financial future, 2024
- AI key players
- The heavyweights: Microsoft and OpenAI vs Google and Gemini
- Nvidia used to only be known among PC gamers for graphics cards
- What are Moore’s Law and quantum computers?
- Market drivers
- What effect do you think AI will have on society?
- Could AI cause a financial crash by end of decade?
- Why aren’t we using AI to automate boring stuff like doing taxes?
- Bots talking to bots and AI-produced trash are already flooding the internet
- If you think Google search has gotten worse, it’s not just you
- AI is already the next step in military defense tech
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Consumer Insights
- Consumer fast facts
- New tech interests
- People are looking to their phones for exciting new tech upgrades
- Graph 6: interest in purchasing products revolutionized by new technology, 2024
- Lifestage and parenthood significantly influence technology preferences
- Graph 7: interest in purchasing products revolutionized by new technology, by age, 2024
- Most adults are still hopefully optimistic about the future and technology
- Graph 8: attitudes regarding new technology (% agree), by age, 2024
- Tech-based entertainment interests may drive men’s desire for new tech
- Graph 9: interest in purchasing products revolutionized by new technology, by gender, 2024
- Income doesn’t influence demand; not every tech toy gets iPhone prices
- Graph 10: interest in purchasing products revolutionized by new technology, by household income, 2024
- Technology use and awareness
- Tech use is key to awareness, but awareness doesn’t equate to usage
- Graph 11: technology usage and awareness, 2024
- Modern smartphone necessity leads to overwhelming 5G usage
- Graph 12: technology usage, 2024
- Technology usage skews younger and is largely male dominated
- Graph 13: technology usage (% any used), by age, 2024
- Graph 14: technology usage (% any used), by gender, 2024
- Hispanic consumers are enthusiastic tech adopters
- Graph 15: technology usage (% any used), Hispanic consumers vs overall, 2024
- Focusing on AI usage
- Graph 16: AI (eg ChatGPT, Bard) usage (% any used), by race, 2024
- Smartphone brands and app developers take note of AI opportunities
- Graph 17: AI related attitudes (% agree), by race, 2024
- Convincing consumers to try new tech requires value beyond hypotheticals
- Graph 18: technology that is not being used, 2024
- Too much hype without substance is damaging to tech reputations
- Getting women to use tech more day to day will naturally lift awareness
- Graph 19: “I haven’t used this and I don’t know a lot about it”, by gender, 2024
- Obvious practicality must outweigh older adults’ resistance to change
- Graph 20: “I haven’t used this and I don’t know a lot about it”, by age, 2024
- Factors for adopting
- Steve Jobs said it just works, and that mantra got Apple where it is
- Graph 21: important factors for tech adoption, 2024
- Marketing needs to nail the “whys” when targeting older adults
- Graph 22: important factors for tech adoption (select), by age, 2024
- Young adults already have their eyes on social media, easing the connection
- Graph 23: important factors for tech adoption (select), by age, 2024
- Parenthood can help push the power of buzz and hype further for tech products
- Graph 24: important factors for tech adoption (select), by parents vs overall, 2024
- Some factors can boost appeal but aren’t likely to hurt diverse audiences
- Graph 25: important factors for tech adoption (select), by race, 2024
- Comfort with AI
- The biggest brands have the most support, but that’s only half the story
- Graph 26: technology companies most comfortable purchasing an AI-powered device from, 2024
- On-device AIs will follow the common iOS vs Android splits
- Graph 27: technology companies most comfortable purchasing an AI-powered device from, by age, 2024
- Men are more receptive toward buying AI-powered devices
- Graph 28: technology companies most comfortable purchasing an AI-powered device from, by gender, 2024
- Should companies disclose the use of AI in their products to consumers?
- Men will trust AI, but they have every reason to be skeptical of data security
- Graph 29: AI related attitudes (% agree), by gender, 2024
- Technology offers brands a foot in the door to deeper consumer loyalty
- Graph 30: technology companies most comfortable purchasing an AI-powered device from, Hispanic consumers vs overall, 2024
- Concerns about new technology
- Tech concerns are overwhelmingly focused on data and privacy
- Graph 31: concerns in regards to new technology (% any rank), 2024
- At-risk older adults lead with worrisome tech concerns for fraud
- Graph 32: concerns in regards to new technology (% any rank), by age, 2024
- Fathers have heavy concerns for tech’s impact on their children’s future
- Graph 33: concerns in regards to new technology (% any rank), by parental status, 2024
- Give messaging purpose by targeting specific audience worries
- Graph 34: concerns in regards to new technology (% any rank), by race, 2024
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Innovation and Marketing Trends
- Launch activity and innovation
- Apple Intelligence is in demand, but has a lot to catch up to
- Microsoft is already hard at work integrating AI into Windows
- Safer next-gen battery technology products are hitting the market
- Try not to get too creative when passing costs on to consumers
- Graph 35: additional monetization on newer technology makes me less interested in purchasing from that brand (% agree), by generation and gender, 2024
- AI-created advertising is here; reactions are pretty mixed
- Half of all consumers are actively against AI products
- Graph 36: “I avoid products and services that promote the use of AI” (% agree), by age and gender, 2024
- Marketing and advertising
- McDonald’s drops AI-powered drive-thru orders
- Typos are eating sneakers, or was that SNICKERS
- Coke getting creative with AI-based sounds of cola
- Can the FCC’s Cyber Trust Mark calm tech fears?
- AI-powered devices are here, and brands are eagerly notifying customers of how they can get theirs
- AI is more than just the future of tech and telecoms
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Appendix
- Consumer research questions
- Consumer research methodology
- Consumer qualitative research methodology
- Generations
- Abbreviations and terms
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