2024-01-08 00:41:00
CES 2024 Kicks Off in Las Vegas with Predicted Increase in Consumer Technology Industry Revenues
The Consumer Electronics Show (CES) 2024 has officially opened in Las Vegas, and the Consumer Technology Association (CTA) is predicting a 2.8% increase in the revenues of the American consumer technology industry in 2024. This will bring the total industry revenues to an estimated $512 billion, marking a $14 billion increase from the previous year.
According to Richard Kowalski, senior director of business intelligence at CTA, despite inflation in other sectors of the American economy, consumer technology products such as television screens, smartphones, and gaming hardware are being purchased at lower prices by consumers. Kowalski attributes this to the deflationary nature of technology, as innovation leads industries to find new and more efficient ways to compete.
Looking ahead to 2024, Kowalski anticipates that developments in artificial intelligence will accelerate growth for consumer and business technology companies, making them more efficient and better able to meet consumer needs.
In line with the CES 2024 exhibition, Kowalski laid out a number of expected trends for the coming year. These include the rise of “superbundles” offered by content providers to attract more consumer interest, an increase in the consumption of streaming services, a boost in gaming hardware revenue, and the proliferation of generative AI in consumer devices and services.
Gary Shapiro, the President and CEO of CTA, expressed his excitement at the breadth of innovation showcased at CES 2024. Shapiro emphasized the importance of adopting pro-innovation regulatory policies, encouraging investment, reforming immigration to absorb global talent, and improving trade partnerships to drive innovation for the benefit of all people.
With the CES 2024 exhibition now underway, industry experts and consumers alike are eagerly anticipating the latest technological advancements and innovations that will shape the consumer technology landscape in the coming year.
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