IoT Adoption, Emerging Tech Driving Industry Revenue Growth

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Emerging Tech: Virtual Reality (VR)

With several global tech leaders introducing VR headsets to the consumer market in 2016, CTA expects this to be the tech sector's overwhelming leader in year-to-year growth. Unit sales will increase by 296 percent over last year, reaching 800,000 units sold. Total revenues are projected to reach $432 million, a 332 percent increase this year.

The Internet of Things is fueling a revolution of connectivity across the world. From businesses to consumers, IoT technology is opening up brand new frontiers for monitoring, controlling and accessing data anywhere, anytime. According to a recent forecast by Consumer Technology Associates (CTA), broad adoption and enthusiasm for IoT technology will drive the consumer industry to a whopping $286.6 billion in retail revenue this year, an increase of 1.3 percent over last year.

"We're in the midst of a critical transition period, as more IoT products offer the anytime/anywhere access and seamless experiences that today's consumers want and need," said Gary Shapiro, president and CEO, CTA. "This is a pivotal point in consumer technology history, as emerging tech categories – virtual reality, voice-controlled digital assistants, drones – push the entire industry forward. And the value of these innovations goes far beyond entertainment – today's technology is changing our lives for the better."

According to CTA’s industry report, "U.S. Consumer Technology Sales and Forecasts," while the five largest tech categories (smartphones, tablets, LCD televisions, laptops and desktop computers) will account for about half of the tech industry's revenue this year, the story will change in 2017. Next year, CTA predicts that emerging tech will account for more than half of all consumer tech revenue.


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