VISION 2030 reflects the readiness of the Saudi government to achieve sustainable development goals for the country and enable it to be at the forefront of economic diversification. Innovation is considered one of the most significant elements contributing to such sustainable development. This feature sheds light on the efforts of LG Electronics (LG) – one of the most prominent global electronics companies – leveraging innovation as a means to attain the aspirations of Vision 2030.
Consumer electronics represents a key segment of the Saudi economy. According to a recent study by BMI Research, the Saudi consumer electronics market will remain highly lucrative due to high incomes and a lifestyle-conscious domestic consumer base. The report’s findings reveal that the market for mid-to-high-end consumer electronics devices will experience strong value growth throughout 2019 as incomes continue to rise, especially for those within the public sector.
LG is well aware of the significance of consumer electronics in the country and offers a number of creative and innovative digital products. LG considers that its innovation-based solutions will help redefine the country’s future and make consumer lives simpler by delivering advanced technology to individuals and businesses.
“Innovation and technology have become top priority areas to drive a new era of growth in Saudi Arabia as Saudi Vision 2030 aims to diversify the country’s economy away from oil. LG products offer the latest innovative solutions that keep pace with the needs of the times and support the country’s efforts to achieve a prosperous and sustainable future,” said Eddie Jun, President of, LG Electronics Saudi Arabia.
From home appliances and entertainment systems to mobile phone innovations, LG continues to bring to the Kingdom its state-of-the-art solutions representing the future of the home and the future of living. Recent reports reveal that consumer trends towards mobility and multifunctional devices are not expected to change as consumers will likely continue to seek more sophisticated and upgraded multifunctional devices, which can be used instead of carrying separate devices. Such a situation offers immense scope to provide integrated mobile-based services, especially since the Saudi Vision aims to increase investments in, and lead, the digital economy.
Innovation has many fronts coming in various waves. In fact, the Internet of Things (IoT) is seen as a current game changer. With applications and solutions powered by sensors and connectivity exploding beyond mobile, this brings in the next wave of innovation. IoT will create experiences that are more personal for consumers. An example of LG’s involvement in IoT is seen through its SIGNATURE premium lineup of connected home appliances in addition to the LG SmarThinQ smart home hub, which enables consumers to establish an operational ecosystem within their homes.
Another glimpse into its innovation-based ideas for the future, LG has recently introduced at IFA 2016 a number of products, including its Smart InstaView fridge with a 29-inch Windows 10 Surface computer on one of the doors and a transparent screen that enables users to see inside the fridge. The fridge uses Windows 10 apps, which can be used to stick notes to the fridge, set a timer, and add recipes and healthy information about meals.
LG is also focusing on the area of Virtual Reality (VR) considering its huge potential to transform businesses and services. There is a global effort placed on understanding how companies and government entities can integrate VR into current products and services.
At various recent technology expos, LG has showcased its expertise in the field of VR. It has revealed how innovative solutions based on VR help offer better services and more enhanced consumer experiences in line with the future of the consumer technology market by creating immersive, three-dimensional experiences.
As new waves in latest technology trends such as IoT and VR continue to emerge, LG is at the forefront of these innovations, bringing its latest and greatest to the Saudi market in an effort to ensure innovation continues to thrust forward Vision 2030 and latest LG innovations and solutions continue to support the economic diversification of the nation. — SG
