Consumer spending on technology is forecast to reach $1.69 trillion this year, an increase of 5% over last year.
By 2023, consumer purchasing of traditional and emerging technology will reach $2 trillion, according to the forecast by the International Data Corporation (IDC).
Most of the spending in 2019 will be for traditional technologies, with voice and data mobile services accounting for more than half of spending through 2023.
Emerging technologies will grow 13% annually until 2023, when it accounts for nearly a third of consumer spending, according to IDC.
Smart home devices and on-demand services are estimated to account for about 90% of emerging technology spending.
Annual growth over the next five years will be led by augmented and virtual reality headsets (56%) followed by drones (33%), robotic systems (20%), on-demand services (14%) and smart wearables (12%).
"Advances in technology continue to drive what convenience means today and in the future for connected consumers,” states Stacey Soohoo, research manager at IDC’s customer insights and analysis group. “Ranging from consumer robots for household cleaning and maintenance to smart lighting or home security/monitoring systems, connected consumers are adopting these solutions in their homes and everyday lives as they go through their own digital transformation.”
The flood of technology into the market shows no signs of slowing. Consumers are becoming much more connected.