U.S. Consumer Tech Industry Revenues to Exceed $422 Billion

SEATTLE (Scrap Monster): The new report published by the Consumer Technology Association (CTA) predicts 4% growth in U.S. consumer tech industry retail revenues in 2020. The revenues are likely to hit a new record of $422 billion during the year. The revenue growth will be mainly driven by the dramatic surge in popularity of streaming services and wireless earbuds along with 5G connectivity and AI-enabled devices.

Gary Shapiro, president and CEO, CTA noted that increased number of consumers is seen embracing the faster connectivity, advanced intelligence and seemingly infinite content that technology offers today. These will push the industry revenues to another record-setting year in 2020. The advancements in 5G connectivity and AI is bound to change lives for the better, he added.

According to the report, the spending on software and streaming services is projected to grow by 11% year-on-year to touch new record high of $81.2 billion in 2020. The revenue from wireless earbuds segment is projected to skyrocket by 31% from the previous year to total $8.2 billion.

The top revenue categories include smartphones, laptops and televisions. Smartphone revenues are projected to total $79 billion. Meantime, laptops and televisions are expected to drive revenues of $33.3 billion and $23.4 billion respectively, during the current year, the CTA report says.