Internet Protocol (IP) appliances, including next-generation digital music players, home entertainment services, video phones and enterprise collaboration services could also generate sizeable revenue. Enterprise collaboration software, IP television, mobile phone content, networked games and online music are also seen as major revenue generators.

According to the report, convergence is being driven by three underlying trends: proliferation of digital data, widespread connectivity and continuous advances in technology, from battery life to processor speed. The report, “Digital Convergence: The Trillion Dollar Challenge,” asserts that convergence will create new product categories and new markets. "Convergence became a buzz word during the dot-com boom, but it didn’t deliver,” said Tony Kern, deputy managing principal, of Deloitte’s Technology, Media and Telecommunications industry practice. "The concept was based on future technologies, but with the expectation of immediate revenue, and companies didn’t stop to consider and understand what customers actually wanted and needed." Now, the report found, a wealth of convergence products and services is emerging, ranging from online music to IP appliances.