CES 2020: Americans will spend $422 billion on technology in 2020, says CES organizer

The Consumer Technology Association (CTA) which organizes CES has said that streaming services, 5G and AI will play a major role in consumer technology spending

The annual Consumer Electronics Show or CES 2020 will begin tomorrow, January 7 in Las Vegas. The kick-starter tech event is expected to see some very high number of participants including major consumer electronics giants like Samsung, LG, Sony, and many more.

The four-day event which has already attracted a lot of media attention, is expected to not just showcase the latest and greatest of technology but also showcase innovations that will shape the future of technology.

The press conferences for the event have already begun and as always CES 2020 is looking to be a very exciting event. And just ahead of the official start of the event, the show's organizers have made a very tall claim regarding tech spending.

Tech sales expected to hit a new record high in the US

According to a AFP report, the Consumer Technology Association (CTA) which organizes the annual event, has said that consumer technology will benefit from the popularity of streaming services, smart wearables and wireless earbuds. The organizer also said that the promise of devices that use superfast 5G connectivity and artificial intelligence is driving consumer interest, leading it to predict a record tech sales this year in the US alone.

The show's organizers said that they expect consumers will spend around $422 billion (approx. S$569) on some 300-odd kinds of consumer tech products and services in the US in 2020.

2020 will be a record setting year in terms of tech sales

This prediction isn't too surprising as last year, the US tech market recorded some $405 billion in consumer sales. Also, considering how consumer technology is getting a boost from smart wearables, IoT smart home devices and streaming services, its won't be surprising to see consumer technology spending hit record levels this year.

CTA president and CEO, Gary Shapiro said :"More and more consumers are embracing the faster connectivity, advanced intelligence and seemingly infinite content that technology offers today, pushing consumer technology industry revenues toward another record-setting year in 2020."

5G connectivity and AI

CES 2020 will showcase advancements in 5G connectivity which will be a big money spinner for many brands and AI will also take the limelight.

"We'll see advancements bin 5G connectivity and AI play out across the CES 2020 show floor this week – from digital health to self-driving vehicles and smart homes – vital technologies that are changing our lives for the better," he added.

CTA also forecasts strong consumer interest in sectors such as digital health which includes a wide gamut of products including smartwatches, fitness tracker as and connected health monitoring devices, which the organizers think will bring in around $10 billion in sales in 2020.

Streaming services will bring in big money

Streaming services including video, music and gaming is also expected to be another major draw at the event especially with the entry of Apple TV+ and Google Stadia, the category is expected to grow 11 percent since last year which translates to around $81 billion in sales.

But perhaps the biggest attraction at CES would be smartphone related technology. And with Samsung expected to announce its smartphones which it says will shape the coming decade in smartphone technology and OnePlus showcasing it's Concept One smartphone, CES 2020 has something on offer for every one.

CES 2020 starts Tuesday, January 7 and will conclude on Friday, January 10.