Due to the continuous grow in innovations, it is expected that the US consumer technology industry will reap $287 billion (Dh1.05 trillion) in retail revenues for this year.

The Internet of Things (IoT) has contributed greatly to this forecast. According to Gary Shapiro, president and CEO of Consumer Technology Association (CTA), the consumer electronics show (CES) that this year will be a great year for consumers especially because more products have become connected.

Among the well-established technologies, smartphones, televisions, and laptops are among those that will continue to fuel the US retail revenues and lead to one percent industry growth in 2016.

Because of this and the lightning-fast speed of innovation, "we'll be able to manage our lives in ways that weren't possible even just a few years ago" and "we'll see such strong growth," Shapiro said.

Shapiro also emphasized that highly sophisticated technology is becoming more affordable and accessible. This has aided everybody in improving safety, productivity, and even entertainment.

Among these sophisticated technologies are the are newer innovations. Including wearables, virtual reality, and drones. However, the household technologies are slowing down or declining. These include tablets, televisions, PCs and laptops.

In the audio category, connected speakers and wireless headphones stood out.

Gulf News reported that "unit sales of Bluetooth/Airplay-capable speakers are expected to reach 17.4 million units in 2016 - a 40 per cent increase - and $1.5 billion in revenue, while sales of wireless headphones will reach 3.9 million in unit sales (increasing 30 per cent), and $623 million in revenue."

The sales from wearables is forecast to reach 38.4 million units. For instance, fitness activity tracker volume is projected to have a 12 percent increase from that of last year while smart watches are expected to increase by 28 percent.

Shapiro believes that due to aggressive competition "challenges for segments of our industry" will arise. "However, we believe newer categories, continuing innovation and improving economic conditions provide additional cause for industry optimism," he said.