As popularity of streaming services, wireless earbuds, 5G technology, and AI-enabled devices increases rapidly, the Consumer Technology Association (CTA) expects the consumer tech industry to meet this demand and make a record $422 billion in retail revenues in 2020. Twice a year, the CTA releases a report entitled the “U.S Consumer Technology Sales and Forecasts” that reflects factory sales-to-dealers for consumer tech products and related software and services.
Spending on software and streaming services, such as music, video, and video gaming, is projected to grow 11 percent since last year and reach a new high of $81.2 billion in 2020. Award-winning original content and continued entry into the video streaming sector, as well as increasing adoption of smart speakers and wireless earbuds will be the push for growth in streaming among Americans.
Top revenue categories include smartphones, laptops, and televisions with upgrades in technology such as 5G smartphones and TV’s with bigger screens and Ultra High Definition resolution and dynamic range. Consumers are also focusing on safety in 2020, with an expected increase in smart home sales, such as smart doorbells and locks, WIFI cameras, smart thermostats, and smart smoke and carbon monoxide detectors.
“More and more consumers are embracing the faster connectivity, advanced intelligence and seemingly infinite content that technology offers today – pushing consumer technology industry revenues toward another record-setting year in 2020,” said Gary Shapiro, president and CEO, CTA. “We’ll see advancements in 5G connectivity and AI play out across the CES 2020 show floor this week – from digital health to self-driving vehicles and smart homes – vital technologies that are changing our lives for the better.”
