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American Spending on Tech to Approach Half a Trillion Dollars in 2021

The tech and digital industry has arguably benefited the most from the pandemic because of the fact that this is the sort of thing that could potentially end up making people want to purchase more and more tech to keep them occupied while they are under lockdown. The Consumer Technology Association has reported that total spending on tech is to reach around $487 billion this year. This is a 7.5% increase from last year, something that indicates that the growth that this sector has been seeing is not going to end up going away anytime soon.

With all of that having been said and now out of the way, it is important to note that people’s lives have become increasingly more intertwined with technology as time has gone by. In fact, it might even be fair to say that we are downright dependent on technology these days, even more so than might have been the case previously with all things having been considered and taken into account.

Another factor that might make this growth continue well into the next few years is the arrival of 5G. This internet upgrade is going to result in people getting monumentally faster connections and speeds, something that could greatly increase the purchase of smartphones in coming years as well. Hence, smartphones might be the specific product that would start to drive growth in the future, and if things continue at this rate then total spending on tech in America could cross a trillion dollars in just over a decade.

This also suggests that a lot more investment is going to end up being done in this space as well. This investment could potentially pay off tremendously in a way that cannot be denied, so it would be understandable if a lot more of the ultra wealthy start to put their money into this sector.

American Spending on Tech to Approach Half a Trillion Dollars in 2021
H/T: Statista / CTA.

Read next: Technology deprivation is real and happening in the world today

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