The ‘United States IT Spending Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the United States IT spending market, assessing the market on the basis of its segments like types, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 1.25 trillion
• Forecast CAGR (2023-2028): 3.83%
Digitalisation and increasing automation activities have significantly contributed to the growing United States IT spending market. Rapid technological advancements and the changing business models of expanding companies are they drivers of this market. Increased adoption of cloud computing services, owing to their prevailing benefits like security of data and cost efficient ‘pay-as-you-go’ model, have further bolstered the growth of the market. The fairly large amounts of data available for analysis has led to the increasing deployment of database management system (DBMS), due to their efficiency and better data integration benefits.
The burgeoning demand for cybersecurity in the United States, in order to protect massive volumes of data, including confidential citizen data from cybercriminals, has further compelled the need to spend on the IT sector, which is augmenting the growth of the United States IT spending market. The popularity of artificial intelligence and machine learning is expected to further boost the demand for spending on IT services.
Scaling business activities and the growing amount of data stored in data centre systems are likely to fuel the growth of the IT spending market in the United States in the forecast period. The deployment of SaaS or cloud in enterprise IT services offers greater flexibility to users to scale up and cut down resources, as and when required. This flexibility is likely to grow investments into this segment, thus expanding the United States IT spending market.
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United States IT Spending Industry Definition and Major Segments
IT spending refers to the total allocation of funds for the IT sector, typically for a one-year period. It is calculated by dividing the company’s total operational IT spending by total revenue. Spending on IT services provide a number of benefits like system centralisation, minimised downtime, high security, disaster recovery and cost reduction.
On the basis of types, the market is segmented into:
• Data Centre Systems
Breakup by Company Size
- Total Spending by Company Having Less Than 300 Employees
Total Spending by Company Having 300-2000 Employees
Total Spending by Company Having More Than 2000 Employees
• Enterprise Software
Breakup by Type
- Business Intelligence Software
- Content Management Software
- Customer Relationship Management Software
- Enterprise Resource Planning Software
- Supply Chain Management Software
Breakup by Company Size
- Total Spending by Company Having Less Than 300 Employees
- Total Spending by Company Having 300-2000 Employees
- Total Spending by Company Having More Than 2000 Employees
• Enterprise IT Services
Breakup by Type
- Customised Software and App Development
- Services Including IT Consulting
- Others
Breakup by Company Size
- Total Spending by Company Having Less Than 300 Employees
- Total Spending by Company Having 300-2000 Employees
- Total Spending by Company Having More Than 2000 Employees
• Devices
Breakup by Company Size
- Total Spending by Company Having Less Than 300 Employees
- Total Spending by Company Having 300-2000 Employees
- Total Spending by Company Having More Than 2000 Employees
• Communications Services
Breakup by Company Size
- Total Spending by Company Having Less Than 300 Employees
- Total Spending by Company Having 300-2000 Employees
- Total Spending by Company Having More Than 2000 Employees
Based on region, the market is divided into:
• West
• Mid West
• Southwest
• Southeast
• Northeast
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United States IT Spending Market Trends
A key market trend observed in the United States IT spending market is the increasing collaboration of the country with emerging nations. Rapidly upgrading technology is further leading to increased expenditure in the IT market. The improved 5G networks of growing organisations and the availability of rapid, secure data transferring systems is likely to impact the IT spending market positively and augment its growth. Furthermore, the FinTech sector is facing a boom owing to the increased inclination of the population towards blockchain and cryptocurrency which is significantly contributing to the United States IT spending market.
IT outsourcing services provide benefits of high-level expertise at low costs with cloud migration systems and service options, which makes it a lucrative sector for IT spending in the United States IT market. AI-based audit management systems are increasingly being deployed in the country, as these systems help in internal auditing and in detecting areas which need more scrutiny, which is adding to the overall growth of the market. The growing usage of IT systems by the federal government, is further catalysing the United States IT spending market.
Key Market Players
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of the key players in the United States IT spending market.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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