According to the report, consumer spending on music and video streaming services will approach $26 billion in revenue during 2019
Products that take advantage of artificial intelligence and fast connectivity will drive the U.S. consumer tech industry to $398 billion in retail revenues in 2019 -- a 3.9 percent year-over-year growth, which includes streaming services revenue -- projected the Consumer Technology Association just prior to the opening of its annual CES in Las Vegas.
The announcement comes with the release on Sunday of CTA's semi-annual U.S. Consumer Technology Sales and Forecasts report.
According to the report, consumer spending on music and video streaming services is valued at $26 billion in revenue, 25 percent higher than last year. The availability of live TV streaming and content through subscription video streaming services will bring consumer spending to $18 billion in 2019, up 27 percent from 2018, CTA projects. Findings also suggest that on-demand music services will bring in an expected $7.7 billion in revenue.
The top revenue drivers for the industry are projected to continue to perform. That includes smartphones, including the launch of the first 5G smartphones, which is projected to reach $80 billion in 2019. By 2022, 76 percent of all smartphones sold will be 5G-enabled, the report forecasts.
According to the report, television revenues are expected to reach $22.6 billion in 2019, driven by 4K UHD TVs, OLED TVs, as well as inaugural shipments of 8K TVs. On 8K TVs, Japan’s NHK is rolling out an 8K channel though there are currently no announced plans for 8K broadcasting in the U.S. and most of the world.
In-vehicle tech, particularly in-vehicle entertainment and driver-assist features, are projected to contribute $17 billion in revenue in 2019.
According to the CTA's report, products expected to contribute to the consumer tech sector's growth in 2019 also include smart speakers, smart home products, wireless earbuds, smartwatches and drones.