Internet of Things: CTA Report Says Now Is a Pivot Point in Consumer Technology History
“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,” Gary Shapiro, president and CEO at Consumer Technology Association, observes. “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.”
Shapiro is commenting on the CTA’s just-released semiannual forecast that forecasts broader adoption of the Internet of Things and enthusiasm for emerging technology will drive the U.S. consumer technology industry to $286.6 billion in retail revenues ($224 billion wholesale) in 2016. The “U.S. Consumer Technology Sales and Forecasts” report says sales of burgeoning tech products such as wearables, smart home devices and drones will deliver an increase of 1.3 percent over last year’s industry revenues.
The five largest categories of the tech industry, including smartphones, tablets, LCD TVs, laptops and desktop computers, will collectively contribute $114 billion – or 51 percent – to the tech industry’s revenue this year, and smartphones and TVs will be responsible for most of that growth in 2016, according to CTA.
But interestingly, the report points out that for the first time in several years, those top five categories combined will account for a little less than half of industry revenue in 2017.
For 2016, CTA expects virtual reality to be the tech sector’s overwhelming leader in year-to-year growth. The research shows unit sales could 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, CTA says.
And perhaps not surprising to anyone with a firm eye on the ultra HD space, CTA predicts 2016 will be a “flagship year” for 4K UHD TVs. The association expects shipments of 4K UHD displays will reach 15 million units (a 105 percent increase), and revenue will exceed $12.9 billion (a 69 percent increase).
On the smart home front, CTA projects the likes of smart thermostats, smart smoke and CO2 detectors, IP/WiFi cameras, smart locks, smart home systems, and smart switches, dimmers and outlets to hit 9.5 million units sold in 2016 (a 29 percent increase). Revenue will grow to $1.3 billion (a 24 percent jump), the report says.
“Technology is constantly and continuously reinventing itself, often cannibalizing its own growth before anything else does,” Shawn DuBravac, Ph.D. and chief economist at CTA, says. “The swath of emerging categories hitting the market in 2016 and the exponential growth of IoT are indelibly shaping the way we live our lives. How we use the internet, and the new products coming to market today, are changing who we are becoming.”
“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,” Gary Shapiro, president and CEO at Consumer Technology Association, observes. “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.”
Shapiro is commenting on the CTA’s just-released semiannual forecast that forecasts broader adoption of the Internet of Things and enthusiasm for emerging technology will drive the U.S. consumer technology industry to $286.6 billion in retail revenues ($224 billion wholesale) in 2016. The “U.S. Consumer Technology Sales and Forecasts” report says sales of burgeoning tech products such as wearables, smart home devices and drones will deliver an increase of 1.3 percent over last year’s industry revenues.
The five largest categories of the tech industry, including smartphones, tablets, LCD TVs, laptops and desktop computers, will collectively contribute $114 billion – or 51 percent – to the tech industry’s revenue this year, and smartphones and TVs will be responsible for most of that growth in 2016, according to CTA.
But interestingly, the report points out that for the first time in several years, those top five categories combined will account for a little less than half of industry revenue in 2017.
For 2016, CTA expects virtual reality to be the tech sector’s overwhelming leader in year-to-year growth. The research shows unit sales could 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, CTA says.
And perhaps not surprising to anyone with a firm eye on the ultra HD space, CTA predicts 2016 will be a “flagship year” for 4K UHD TVs. The association expects shipments of 4K UHD displays will reach 15 million units (a 105 percent increase), and revenue will exceed $12.9 billion (a 69 percent increase).
On the smart home front, CTA projects the likes of smart thermostats, smart smoke and CO2 detectors, IP/WiFi cameras, smart locks, smart home systems, and smart switches, dimmers and outlets to hit 9.5 million units sold in 2016 (a 29 percent increase). Revenue will grow to $1.3 billion (a 24 percent jump), the report says.
“Technology is constantly and continuously reinventing itself, often cannibalizing its own growth before anything else does,” Shawn DuBravac, Ph.D. and chief economist at CTA, says. “The swath of emerging categories hitting the market in 2016 and the exponential growth of IoT are indelibly shaping the way we live our lives. How we use the internet, and the new products coming to market today, are changing who we are becoming.”
1
