Technology Industry Revenue of U.S. expected to leap in 2024

Consumer Electronics Show (CES)
Consumer Electronics Show (CES)

Retail revenues for the U.S. consumer technology industry is expected to grow 2.8 percent in 2024 to about 512 billion U.S. dollars, according to a new forecast released by the U.S. Consumer Technology Association (CTA), organizer of the 2024 Consumer Electronics Show (CES).

CES 2024, the world’s premier tech show, will convene in the U.S. city of Las Vegas from Jan. 9 to 12, drawing more than 130,000 attendees and over 4,000 exhibitors from more than 150 countries and regions. An industry forecast released by CTA ahead of the annual show suggests retail revenues for the U.S. consumer technology industry is expected to grow 14 billion dollars from 2023. Consumers are expected to spend 14 billion dollars on audio streaming services and 48 billion dollars on video streaming in 2024, according to the report. Over 230 million smartphones and personal computers shipping to the United States this year will tap the powers of generative AI through mobile apps, browsers and on-device software, according to CTA.

“Looking ahead to 2024, I expect developments in artificial intelligence will accelerate growth for consumer and enterprise technology companies as they become more efficient and find more ways to meet consumer needs,” said Richard Kowalski, director of Business Intelligence at CTA.

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