According to the latest Worldwide Semiannual Connected, Consumer Spending Guide from IDC, consumer tech purchases will touch $2.06 trillion in 2023. With a 2018 base, this will be a CAGR of 5.1% over the five year period. 2019 will see the figures at $1.69 trillion, increasing 5.3% over 2018, forecasts say.
About 75% of this will be traditional mobile technology, roughly three-quarters of all consumer technology spending in 2019 will be for traditional technologies. Mobile telecom services (voice and data) will account for more than half of this amount throughout the forecast, followed by mobile phones and personal computing devices. Spending growth for traditional technologies will be relatively slow with a CAGR of 2.2% over the forecast period.
The biggest share will be including AR/VR headsets, drones, on-demand services, robotic systems, smart home devices, and wearables. These will deliver strong growth with a five-year CAGR of 13.2%, enabling emerging technologies to capture nearly a third of consumer spending by 2023. Smart home devices and on-demand services will account for roughly 90% of emerging technologies spending.