Smart Home to Be About 90% of ‘Emerging’ Tech Spending in 2023, Says IDC
Consumer tech spending will reach $1.69 trillion in 2019, a 5.3 percent increase from a year earlier, said IDC Friday. The long-range forecast is for spending to reach $2.06 trillion in 2023, based on a 5.1 percent five-year compound annual…
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growth rate, it said. IDC estimates 75 percent of all consumer tech spending this year will be for “traditional” technologies, with more than half of that on mobile telecom voice and data services, it said. “Emerging” technologies, including augmented-reality headsets, drones, smart home devices and wearables, will outpace the overall market with a five-year 13.2 percent CAGR, it said: “This growth will enable emerging technologies to capture nearly a third of consumer spending by 2023.” Smart home devices and on-demand services will be about 90 percent of emerging technologies spending, it said.