The world is shifting toward the direction of smart technology with a huge number of objects (electric or non-electric) providing extra benefits apart from their traditional use. Growth in sensor technology has led to a huge increase in data generation. Use of big data analytics and machine learning converts the data generated into useful insights that can enhance the quality and functionality of the product. Seamless high-speed connectivity options, including fiber optics and 5G, are further enhancing the product by making them a part of a broad digital ecosystem. The shift toward smart technology has opened the market for electronic/electrical system vendors apart from the traditional product manufacturers, which has made this segment competitive.
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