Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "USA IT Service Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The United States IT Services Market size is expected to grow from USD 433.01 billion in 2023 to USD 592.43 billion by 2028, at a CAGR of 6.47% during the forecast period (2023-2028).
Key Highlights
- Firms focusing more on digital with access to advanced technologies for driving growth while decreasing cost, growing usage of cloud technologies, and using business intelligence for forecasting and optimizing company operations to earn more increased revenues are a few of the critical IT Services Market drivers and trends fueling the growth of the market. Growing data security and privacy protection considerations drive the demand for IT services from companies across various industry verticals.
- According to the US Office of Management and Budget, in 2022, the US federal government budget set aside around USD 58.44 million to fund the information technology needs of civilian federal agencies. The amount of money set aside for the Department of Defense or other secret IT expenses is separate from the budget estimates for 2022. The IT funds allotted to various government agencies typically shift along with leadership goals. From about USD 6.4 million in 2021 to USD 6.9 million in 2022, the Department of Health and Human Services IT budget increased. Such investments are boosting the IT sector in the country.
- In addition, according to the Bureau of Labor Statistics, in 2022, the tech industry in the United States contributed nearly two trillion dollars to the nation's total gross domestic product (GDP), or about 8.8 % of GDP. Such contribution to the US economy would push the government to implement policies in favor of the IT sector; such regulations may drive businesses in the United States toward adopting IT services.
- Further, IT decision-makers face regulatory compliance, security, and risk reduction issues as businesses in the digital transformation era upgrade their on-premises IT infrastructure services and move some of their operations to the cloud. The increasing realization among enterprises about the importance of saving money and resources by moving their data to the cloud instead of building and maintaining new data storage drives the demand for cloud-based solutions and, hence, the adoption of on-demand IT services in the region.
- IT service market has a positive outlook in the country. Still, factors such as growing data breaches, cost concerns over product customization, and data migration are some of the reasons posing a threat to the market.
- According to the US Census Bureau, post-COVID-19, from July to September 2022, retail e-commerce sales in the United States were almost USD 266 billion USD, a 3% rise over the previous quarter. Such a huge increase in ecommerce sales would create an opportunity for the market players to grow post-pandemic. In the wake of the pandemic, there is a notable uptick in organizations channeling substantial investments into the IT Services market. This surge is primarily driven by the imperative to address evolving digital transformation requirements across diverse end-user industries and to bolster the hybrid workplace environment.
A selection of companies mentioned in this report includes
- IBM Corporation
- Accenture
- Microsoft
- Infosys Limited
- Wipro
- TATA Consultancy Services Limited
- Capgemini
- Atos SE
- HCL Technologies Limited
- Leidos Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/z2sezz
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