Consumer Technology Industry Revenues to Reach Record $398 Billion in 2019

SEATTLE (Scrap Monster): According to the new ‘US Consumer Technology Sales and Forecasts Report’ published by the Consumer Technology Association (CTA), the consumer technology industry revenues in the U.S. are likely to touch fresh record of $398 billion in 2019. The modern technologies including artificial intelligence (AI) and 5G connectivity are likely to be the key drivers behind the tech revenue growth.

The CTA report states that smartphones, laptops and televisions are likely to emerge as the three main revenue drivers for the consumer tech industry. The launch of 5G technology is estimated to drive the smartphones market during this year. The report projects annual revenues from smartphones at around $1 billion in 2019. The projected earnings from laptops are $28.4 billion in revenue during the year. Innovations in television sector are expected to deliver revenue of around $22.6 billion.

The increasing popularity of home monitoring and security devices are likely to boost Smart Home revenues to $4.6 billion. Smart Speakers segment, driven by the benefits of AI is likely to earn $3.2 billion in revenue. Among audio products, wireless earbuds are likely to report double digit growth. The projected revenue for 2019 is around $4.7 billion. Also, revenues from smartwatches and drones are likely to reach $4.7 billion and $1 billion respectively, registering year-on-year growth by 19% and 4% respectively.

The biannual CTA report states that the U.S. consumer technology industry continues to march forward, scaling new heights.