Consumer technology will extend its reach and influence in the U.S. economy in 2018, rising 3.9 percent to a record USD 351 billion in retail revenue, according to the Consumer Technology Association.

The semi-annual industry report, released shortly before the start of the Consumer Electronics Show (CES) here, includes for the first time a projection for consumer spending on music and video-streaming services, which it says will account for USD 19.5 billion.

The CTA, which oversees and operates CES, says it included audio and video services from the likes of Apple (ticker: AAPL), Hulu (HULU), Netflix (NFLX) and others to "capture" the evolving consumer tech experience.

CTA officials expect continued growth for emerging technology such as wearables (USD 6.4 billion), smart speakers (USD 3.8 billion) and virtual reality (USD 1.2 billion) -- as well as another strong year for stalwarts like smartphones (USD 62.9 billion), laptops (USD 28.4 billion), digital TVs (USD 22.1 billion) and automotive electronics (USD 15.9 billion).

"Technology is improving our lives in more ways than ever -- and consumer enthusiasm is growing just as quickly as companies can bring their innovations to market,” CTA CEO Gary Shapiro said in a statement on Sunday. He added the optimistic forecast is predicated on a strong stock market, continued job growth and stable rules for international trade. – Barrons