CEA: global tech market poised to shrink in 2014

Ahead of the gathering of International Consumer Electronics Show, an industry body has painted a gloomy outlook for the global tech market.

The Consumer Electronics Association, or CEA, estimates the whole sector's sales will total $1.055 trillion this year, a slight decline from the estimated 2013 figure.

Sales in developed markets are expected to fall 4 percent. In emerging economies, sales will increase only 2 percent, a huge contrast to a 9 percent surge last year.

The CEA warned that the industry has not yet found a new growth driver that could replace smartphones and tablets. The CEA is optimistic that wearable technology will see explosive growth, giving the industry a boost.