The U.S. consumer technology industry will record $422 billion in retail revenues in 2020, up about four percent over last year, according to a new Consumer Technology Association forecast.
Spending on software and streaming services (including music, video and video gaming) is projected to reach a new high of $81.2 billion in 2020, representing 11 percent growth year over year.
Video streaming will grow to $24.1 billion in 2020, up 29 percent, while on-demand music services will generate $9 billion in revenue, up 15 percent.
Video gaming software and services category will grow five percent to $38.3 billion in revenue.
Smartphone sales will grow about three percent to $79 billion in 2020. 5G devices alone will generate $15.3 billion in revenue, an order of magnitude increase over 2019.
Laptop sales will create $33.3 billion in revenue. Television sales will hit $23.4 billion. In 2020, 4K sets will account for $17.6 billion in revenue. 8K TVs will reach $1.6 billion on sales of 504,000 units.
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