North, America

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11.01.2023 - 15:04:05

North America IT Services Market worth $700.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

size is expected to grow from USD 500.0 billion in 2022 to USD 700.6 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period, according to a new report by MarketsandMarkets™. IT services were the driving force behind the IT revolution, which changed how corporations' function. These services have increased the efficiency of business processes while enabling firms to concentrate on their core competencies without bothering about the existing IT infrastructure. Businesses use IT services for a variety of purposes, from standard tasks, such as handling employee records to complex corporate processes, such as supply chain and operations management. These factors are expected to drive the growth of the North America IT Services Market.

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As per vertical, healthcare segment to grow at highest CAGR during the forecast period

The vertical segment is further subsegmented into BFSI, IT and telecom, consumer goods and retail, healthcare, government and defense, media and entertainment, and other verticals. Other verticals include education, chemicals, travel and hospitality, and energy and utilities.

As per vertical, healthcare is expected to grow at the highest CAGR of 8.8% during the forecast period. Many healthcare professionals seek IT support services to preserve essential medical technology's functionality and enhance their company operations' efficacy. Healthcare IT services can help with these management practices and provide assurance in events where IT support services are needed. Healthcare IT services typically deal with pharmaceuticals, oncology drugs, specialty drugs, and other medical supplies and equipment for patients. Pharmacy management, biopharmaceutical resources, and services are part of the healthcare IT support system. In the US, IT services assist in meeting different compliance requirements mandated by the Healthcare Information Portability and Accountability Act (HIPAA) and security and application management challenges. IT services can also be useful for other medical operations, such as managing prescriptions and supplies, interacting with patients, and hosting HIPAA-compliant websites.

Sales and marketing, by business function, to grow at highest CAGR during forecast period

The sales and marketing subsegment is expected to grow from 76.5 billion in 2022 to USD 123.2 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period. Marketers design and oversee marketing initiatives for businesses using IT tools and services. Businesses would gain from these initiatives by having a stronger online presence across a variety of platforms, including the web, company websites, social media, mobile, and email. The ability to improve the customer experience has been made feasible by the rising trend toward personalization and the increased use of the internet and mobile devices. Therefore, businesses choose to enhance the customer experience to address better and comprehend the continuously changing needs of the clients, but this requires the assistance of IT specialists. With IT services, businesses can efficiently design and maintain unique customer journeys and do better sales and marketing.

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As per professional services, system integration segment to capture a large market share during forecast period

The professional services segment is further subsegmented into system integration, training and education, and consulting. The system integration market size is expected to grow from USD 217.1 billion in 2022 to USD 283.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. As a practice, integration links diverse enterprise applications, systems, repositories, and IT environments for the real-time interchange of data and operations. System integration is the process of integrating all of a system's physical and virtual components within an organization. The physical components are made up of various machine systems, electronic devices, stock, and other physical components. The virtual components consist of data stored in apps, software, and databases. The process of integrating each of these components so that they work together as a single system is the main objective of system integration. The system integration further divides into application integration and infrastructure integration. Application development on a certain technology, platform, or framework, as well as the integration of a suite or solution, would all fall within the application integration sector, whereas the integration of all IT resources needed for a given system is referred to as infrastructure integration. System integration is diversified, with many small and large-scale firms as well as startups. These firms consistently concentrate on establishing long-term alliances with suppliers of infrastructure, components, and equipment, such as Cisco, IBM, TCS, and HPE. System integration is anticipated to grow as organizations concentrate more attention on streamlining operations and integrating them onto a single platform. Further, rapid digitization and centralization are boosting market growth.

Market Players

Some of the major North America IT Services Market vendors are IBM (US), Hewlett Packard Enterprise (US), Accenture (Ireland), Cisco (US), Wipro (India), HCL Technologies (India), Cognizant (US), Infosys (US), Rackspace (US), TCS (India), Fujitsu (Japan), Capgemini (France), Ericsson (Sweden), Huawei Technologies Co. Ltd. (US), Nokia Networks (Finland), GTT Communications (US), SAP (Germany), DXC Technology (US), NTT Data (Japan), and NEC Corporation (US).

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