2017 Tech Growth Exceeds Expectations: Industry Revenue to Reach Record Levels as Emerging Categorie

Consumer enthusiasm for both emerging technology and resilient mature categories is exceeding expectations – driving the U.S. consumer technology industry to an estimated 3.2 percent revenue growth in 2017, earning $321 billion in retail revenues ($251 billion wholesale), according to new research from the Consumer Technology Association (CTA). The latest edition of CTA's semi-annual industry report, U.S. Consumer Technology Sales and Forecasts, also projects drones, OLED TV and virtual reality (VR) technology will each cross the $1 billion revenue milestone for the first time this year. "Driven by consumer demand for the products we already know and love, as well as new, innovative technologies, revenue growth in the consumer technology industry is exceeding expectations," said Gary Shapiro, president and CEO, CTA. "Not only are breakthrough technologies changing our lives for the better – such as drones delivering medical supplies to remote areas or the use of VR in patient care – tech is also a key driver of the U.S. economy, outpacing GDP growth, and reinforcing America's role as a global leader in innovation." CTA's semi-annual report serves as a benchmark for the consumer technology industry, charting the size and growth of underlying product categories.