The increasing popularity of streaming services and wireless earbuds – along with the introduction of 5G connectivity and artificial intelligence (AI)-enabled devices – are set to drive revenues in the US consumer tech industry to a record $422bn during 2020.

According to the Consumer Technology Association (CTA), retail revenues in the tech sector are expected to grow by nearly 4 per cent over the next 12 months.

Unveiled at the CES 2020 (Consumer Electronic Show) event last week, the CTA’s twice-yearly U.S. Consumer Technology Sales and Forecasts report also provided a predictions for the digital health device sector – covering smartwatches, fitness trackers and connected health monitoring devices, such as blood pressure monitors and smart scales.

The CTA expects the digital health category to reach 64 million devices sold – bringing in total revenues of US$10bn during the year.

“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,” said Gary Shapiro, president and CEO, CTA.

“We’ll see advancements in 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.”

Steve Koenig, vice president of market research, CTA, added: "The last decade was about the Internet of Things – but now, we kick off a new decade defined by the Intelligence of Things.

“Connected intelligence defines today’s device ecosystem from consumer favorites such as smartphones and TVs to an expanding universe of smart home solutions making intelligent living spaces a reality. Over the next 10 years, the dynamic of connected intelligence will grow apace with advancing 5G networks and innovative applications of AI to propel the consumer tech industry forward — and with it consumer experiences, safety, health and more.”

• For more information on the CTA report, click here.

To watch the full presentation of the CTA report from the CES 2020 event, see below: