Driven by emerging technologies including Augmented Reality (AR) and Virtual Reality (VR) headsets, drones, on-demand services, robotic systems, smart home devices and wearables, the consumer spending on technology is forecast to reach $1.69 trillion globally in 2019 - an increase of 5.3 per cent over 2018, an International Data Corporation (IDC) report has said.
Consumer purchases of traditional and emerging technologies will remain strong over the 2019-2023 forecast period, reaching $2.06 trillion in 2023 with a five-year compounded annual growth rate (CAGR) of 5.1 per cent. Roughly three-quarters of all consumer technology spending in 2019 will be for traditional technologies.
Mobile telecom services (voice and data) will account for more than half of this amount throughout the forecast, followed by mobile phones and personal computing devices. Spending growth for traditional technologies will be relatively slow with a CAGR of 2.2 per cent over the forecast period, the report noted.
The US will be the largest geographic market with consumer technology spending forecast to reach $412 billion in 2019. China will be the second-largest market in 2019 with spending expected to reach $328 billion, followed by Western Europe at $227 billion. Emerging technologies will deliver strong growth with a five-year CAGR of 13.2 per cent.
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