Consumer Technology Association Forecasts US Tech Revenue to Reach Record $398 Billion in 2019

Artificial intelligence (AI) and fast connectivity – critical ingredients for the next era of category leaders such as smartphones, smart home devices and smart speakers – will drive the U.S. consumer technology industry to a record-breaking $398 billion in retail revenues ($301 billion wholesale) in 2019 and 3.9 percent year-over-year (YOY) growth, which includes streaming services revenue, according to the Consumer Technology Association (CTA). A record growth anticipating the introduction of 5G smartphones and 8K TVs in 2019.

4K UHD television sets, digital streaming devices and smart speakers are among the fastest growing technology segments, according to the latest Consumer Technology Association (CTA) research. Smartphones continue their meteoric popularity and are now owned in 87 percent of U.S. homes, second only to televisions at 96 percent ownership. Laptops are the third most popular product in the United States. Smartwatches are also growing in popularity.

Between May and October this year, Futuresource Consulting interviewed more than 8,000 people about their intent to buy wearable technology and saw a significant increase in the intent to purchase. There was a 50% increase in intention to buy fitness trackers and a 125% increase in intention to buy smartwatches.