What to expect from the tech industry in 2024

The tech industry could see earnings of $512 billion in 2024, accompanied by a 2.8% total increase in retail revenue, a recent Consumer Technology Association (CTA) US industry forecast reveals.

However, potential “economic uncertainty and mounting financial pressure” that consumers are burdened with may distort the CTA’s predictions for the tech industry.

The CTA is North America’s largest technology trade association, comprised of the “world’s leading innovators.”

The prior two years for the tech industry have been “contracted,” according to CTA. However, the industry will show growth in the latter part of 2024.

The key growth areas for devices will include original equipment manufacturer (OEM) automotive, wearable products like smartwatches, and various lifestyle tech products.

2024 will see early upgrades and replacements of hardware items purchased in 2020 and throughout the pandemic, the CTA report details.

Over 230 million smartphones and PCs will be shipped throughout the US this year.

The powers of generative artificial intelligence (genAI) will continue to captivate the world stage, with the technology finding its way onto mobile applications, web browsers, and on-device software.

In addition, AI will be integrated into mobility safety systems, fitness-tracking apps, and smartwatches in 2024.

The software and content trend won’t cease in 2024 as the “strong consumer appetite” for entertainment services and products that “add convenience to everyday life” will continue to thrive this year.

The total industry retail revenue for hardware is estimated at $348 billion in the coming year. Software and services are projected to reach $163 billion.