Market Trends of North America IT Services Industry
This section covers the major market trends shaping the North America IT Services Market according to our research experts:
Growing Demand for Cloud Services
- The growing adoption of cloud-based solutions and services for the storage of critical information of customers and the increasing number of cyberattacks are driving the demand for software security consulting services in the BFSI segment.
- Key players in the IT services market are offering cloud-based services. For Instance, Oracle Cloud Infrastructure (OCI) is an enterprise cloud that delivers a set of platform cloud services, including powerful computing, storage, and networking capabilities optimized for Oracle applications.
- IT services are gaining traction with advanced technology, such as cloud computing. Artificial intelligence is also extending its application across the end-user segment, fueling market growth over the next five years. For Instance, the QAD Inc cloud service provider company has signed a system integrator agreement with Tata Consultancy Services (TCS) to provide global functional consulting and implementation services.
- IT cloud services are witnessing growth due to the massive cloud deployments across the end-user industries. According to Flexera Software, Google Cloud Platform has the highest percentage of 22% for experimenting with public cloud services.
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United States Expected to Register Significant Market Growth During the Forecast Period
- The United States IT services market is expanding significantly. The growing use of smart technology and rising security expenditures primarily drive the demand for IT services. For instance, IBM and the government of Quebec launched a groundbreaking partnership to accelerate discovery with the first IBM Quantum System in Canada.
- The US Census Bureau and Consumer Technology Association predicted that US smartphone sales rose to USD 74.7 billion in the last year. This is anticipated to increase further with the quick adoption of IoT across several sectors and companies. This is expected to accelerate the uptake and integration of managed services, fueling the market's growth.
- Key players in the United States IT services market are focused on expanding their IT infrastructure that supports advanced technologies such as cloud computing. Big Data technologies are expected to boost the demand for the IT services market. For Instance, Microsoft is transforming its IT infrastructure management with Microsoft Azure.
- Moreover, the rising digital transformation trend is increasing the demand for IT services in the region. The growing number of IT start-ups will continue for the adoption of ERP, CRM, and cloud services which is expected to drive market growth in this region over the next five years.
- According to the US Office of Management and Budget, the United States Federal Government's IT Budget for Healthcare and Human Services in 2021 is expected to grow to USD 6960 million in the years to come. The collaboration and merger activities, along with growing investment to digitize the United Health sector and the advent of innovative IT services by leading IT service providers, offer a promising future for IT services in the healthcare segment over the next five years.
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