The retail sales revenue for the technology industry will reach $461 billion in the U.S. in 2021 – a 4.3% increase year-over-year – according to a new report by the Consumer Technology Association (CTA). As millions of Americans remain home and rely on tech to stay entertained, connected and healthy during the pandemic, streaming services, 5G connectivity and digital health devices will stand out in the tech sector in 2021.
“The pandemic has pushed the fast-forward button on tech adoption – from our homes to our work to our doctor’s offices,” said Gary Shapiro, president and CEO, CTA. “While the road to a full economic recovery is long and intertwined with a complex vaccine rollout, the tech industry’s ability to meet the moment during this crisis has been critical.”
CTA’s twice-yearly U.S. Consumer Technology One-Year Industry Forecast reflects manufacturer shipments to the U.S. for over 300 tech products, and related software and services.
Tech That Keeps Us Entertained
Software and Streaming Services – Total spending on streaming services and software is projected to reach a record high of $112 billion in 2021 (11% growth over 2020). This follows 31% growth in 2020 over 2019.
* Video: Exclusive content and cord-cutting are driving multiple subscriptions per household to push spending to $41 billion in 2021, up 15% over last year.