CTA report: Consumer tech sales to hit record-setting $287B in 2016 led by IoT

Friday January 8, 2016 0 comments Tags: 2016 CES, IoT, Consumer Technology Association, Gary Shapiro

 

LAS VEGAS -- The ever-expanding market for the Internet of Things (IoT) will lead the the U.S. consumer technology industry to a record-setting $287 billion in retail sales in 2016, according to the Consumer Technology Association.CES_logoUSE

The CTA released its latest version of its semi-annual industry report, U.S. Consumer Technology Sales and Forecasts, during the CES 2016 show now underway in Las Vegas.

The show runs Jan. 6-9.

The report said well-established technologies – including smartphones, TVs and laptops – will continue to drive U.S. retail sales and lead to 1 percent industry growth this year.

The report said the catalysts for industry growth are in newer innovations such as wearables, virtual reality devices and drones.

“2016 will be another great year for consumers,” said Gary Shapiro, CTA president and CEO. “As more products become connected, we’ll be able to manage our lives in ways that weren’t possible even just a few years ago.

“The exponential growth of the IoT and the lightning-fast speed of innovation are key reasons we’ll see such strong growth across so many tech categories.”

However, the report notes that strong household penetration of mature product categories, such as tablets, TVs, PCs and laptops, is slowing overall industry growth.

CTA’s forecast is based on U.S. factory sales to dealers and covers more than 300 tech products.

The report is available free to CTA member companies at  members.CTA.tech  or for purchase in the CTA Store.

For more information, visit CTA.tech/salesandforecasts.