A new forecast report from the Consumer Technology Association (CTA) reveals that consumer spending on software and services will rise 3.7% to $157 billion in 2024.

Research included U.S. market projections and consumer behavior across several software and services segments, including apps (pay-to-download), extended warranties, gaming software and services, health and fitness services, home security subscription services, subscription audio streaming services, and subscription video streaming services.

In software and services, consumer spending in these categories will amount to $152 billion, up 1.7% over 2022. While services experienced slower growth this year due to economic pressures, the projections indicate it will go up again in 2024, boosted by rising consumer interest in gaming and video streaming services.

Other findings across the industry reveal:

• gaming subscriptions are the fastest growing part of the gaming sector, expected to grow 12% to $3.5 billion in 2024;
• 41% of U.S. adults have paid for some type of video game software or service over the past 12 months;
• 92% of U.S. adults use subscription video services (free or paid);
• 53% of U.S. adults use an audio subscription service; and
• revenue from fitness services will grow 20% to $900 million in 2024.

“The U.S. software and services industry is undergoing a transformation marked by growing demand for new content and digital experiences,” said Rick Kowalski, senior director of business intelligence at CTA. “From AI-driven applications to health-focused digital tools, the software and services sector is elevating the consumer technology experience.”

Access the forecast for more findings in CTA’s news release.