Record tech spending expected in US this year: CES organiser, Latest Business News - The New Paper

Record tech spending expected in US this year: CES organiser

This article is more than 12 months old

LAS VEGAS: Consumer technology spending is getting a boost from wearables, smart devices and streaming media services and should hit record levels in the US this year, the organiser of a major tech gathering said on Sunday.

Kicking off the 2020 Consumer Electronics Show in Las Vegas, the Consumer Technology Association (CTA) expects US$422 billion (S$570 billion) in sales of some 300 kinds of consumer tech products and services in the US market, a gain of 4 per cent from last year.

It said popularity of streaming services and wireless earbuds and the promise of new devices using 5G connectivity and artificial intelligence (AI) is driving consumer interest.

Mr Gary Shapiro, the CTA president and chief executive, said: "We'll see advancements in 5G connectivity and AI play out across the CES 2020 show floor this week - from digital health to self-driving vehicles and smart homes - vital technologies that are changing our lives for the better."

The show opens today, and CTA's forecast shows strong consumer interest in a number of sectors including digital health with sales of around US$10 billion.

For streaming, the CTA expects 11 per cent growth in spending to US$81 billion. - AFP