The global consumer tech market is set to exceed $1.5 trillion by 2024, according to a report by Global Market Insights. The figure will represent a rise of $400bn compared to Global Market Insights’ 2016 market valuation of $1.1 trillion. The forecast reflects continued increased enthusiasm by consumers for the ever-expanding roster of new technologies becoming available.
The purchasing power of individuals is on the rise and more energy-efficient variations of old technologies are being produced, which is helping consumer electronics companies penetrate emerging markets more efficiently. Coupled with new advancements in VR, augmented reality and wearables, market optimism for the future is high.
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Of the report, Gary Shapiro, president and CEO of the Consumer Technology Association, said, "Driven by consumer demand for the products we already know and love, as well as new, innovative technologies, revenue growth in the consumer technology industry is exceeding expectations.
“Not only are breakthrough technologies changing our lives for the better – such as drones delivering medical supplies to remote areas or the use of VR in patient care – tech is also a key driver of the US economy, outpacing GDP growth, and reinforcing the US’ role as a global leader in innovation."