It says consumer purchases of traditional and emerging technologies will remain strong over the 2018-2022 forecast period, reaching $1.43 trillion in 2022 with a five-year compound annual growth rate, CAGR of 3.0 per cent.
He also revealed that traditional technologies, personal computing devices, mobile phones, and mobile telecom services will account for more than 96 per cent of all consumer spending in 2019, while mobile telecom services will represent more than half of this amount, followed by mobile phones.However, the study shows that spending growth for traditional technologies will be relatively slow with a CAGR of 2.4 per cent over the forecast period.
Program Vice-President, Customer Insights and Analysis at IDC, Jessica Goepfert, said: “Connected technologies are transforming consumers’ activities and habits, becoming more and more integrated into their daily lives. This is fuelling the consumer’s unquenchable thirst for content and immersive experiences delivered anytime, anywhere, via multiple formats and across a myriad of channels. As a result, we see the balance of power shifting in consumer-facing industries.