Market Size of North America IT Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.30 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America IT Services Market Analysis
The North America IT Services Market revenue is expected to grow at a CAGR of 7.3% over the next five years. Increased IT spending, coupled with the widespread adoption of software-as-a-service and increased cloud-based offerings, indicates the demand for IT services in the industry.
- Key players in the IT services market are focusing on expanding their businesses and strengthening their market positions through collaborations and partnerships. For Instance, Accenture acquired Solvera Solutions to deliver digital transformation capabilities in western Canada.
- According to the Organization for Economic Corporation and Development, United States healthcare expenditure has grown at a CAGR of 3.8% from 2020 to the previous year. In the healthcare sector, increasing technological developments, such as the Internet of Things (IoT) and wearables, cloud services, product engineering services, integration services, and data science and business intelligence solutions, are expected to boost the market growth.
- The extensive use of digital payments, the introduction of advanced technologies such as AI, Cloud computing, and blockchain technology used in the BFSI sector, and the increasing number of digital wallets are likely to drive the growth of the IT services market over the next five years. For Instance, Tietoevry Banking collaborated with IBM. Through this collaboration, IBM Cloud is being used for financial services that support the payments product portfolio, including Card Suite, Payment Hub, Virtual Account Management, and Instant Payments Solution.
- During the COVID-19 outbreak, there was a growing adoption of cloud services which is expected to create a favorable market scenario for the growth of the IT services market. The post COVID-19 scenario has led to a remarkable increase in the usage of digital solutions across North America.
