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North America IT Services Market Size (2024 - 2029)

The North America IT Services Market is anticipated to experience significant growth, driven by increased IT spending and the widespread adoption of cloud-based solutions and software-as-a-service. The market's expansion is further supported by technological advancements in sectors such as healthcare, where IoT and data science are enhancing service offerings. The BFSI sector's integration of advanced technologies like AI and blockchain, along with the rising use of digital payments, is also contributing to the market's growth. The COVID-19 pandemic accelerated the adoption of cloud services, creating a favorable environment for the continued expansion of the IT services market in the region.

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Market Size of North America IT Services Industry

North America IT Services Market Summary
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

North America IT Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

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.

North America IT Services Industry Segmentation

North America IT services leverage technology and business expertise to help organizations create, manage, and optimize the information and business processes.

The North America IT Services Market is segmented by Type (IT Consulting & Implementation, IT Outsourcing, Business Process Outsourcing), End-user (Manufacturing, Government, BFSI, Healthcare, Retail & Consumer Goods, Logistics), and Country.

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Type
IT Consulting and Implementation
IT Outsourcing
Business Process Outsourcing
Other Types
By End-user
Manufacturing
Government
BFSI
Healthcare
Retail and Consumer Goods
Logistics
Other End-users
By Country
United States
Canada
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North America IT Services Market Size Summary

The North America IT services market is poised for significant growth, driven by increased IT spending and the widespread adoption of cloud-based solutions and software-as-a-service models. Key industry players are actively expanding their market presence through strategic collaborations and acquisitions, such as Accenture's acquisition of Solvera Solutions, to enhance their digital transformation capabilities. The healthcare sector, in particular, is witnessing a surge in demand for IT services due to technological advancements like IoT, wearables, and cloud services. The BFSI sector is also contributing to market expansion with the integration of AI, cloud computing, and blockchain technologies, alongside the growing use of digital payments and wallets. The COVID-19 pandemic has further accelerated the adoption of cloud services, creating a favorable environment for IT services growth across North America.

In the United States, the IT services market is experiencing robust expansion, fueled by the increasing adoption of smart technologies and heightened security investments. The market is characterized by the presence of major players such as IBM, Microsoft Corporation, TCS Limited, Accenture PLC, and Wipro Limited, who are focusing on enhancing their IT infrastructure to support advanced technologies. The rise of digital transformation and the proliferation of IT start-ups are driving demand for ERP, CRM, and cloud services. Strategic partnerships and acquisitions, like Wipro's acquisition of LeanSwift Solutions and SAP's expanded partnership with IBM, are further propelling market growth. The healthcare segment, supported by government investments and innovative IT services, presents promising opportunities for future expansion.

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North America IT Services Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment of the Impact of COVID-19 on the market

    5. 1.5 Regulatory Landscape

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 IT Consulting and Implementation

      2. 2.1.2 IT Outsourcing

      3. 2.1.3 Business Process Outsourcing

      4. 2.1.4 Other Types

    2. 2.2 By End-user

      1. 2.2.1 Manufacturing

      2. 2.2.2 Government

      3. 2.2.3 BFSI

      4. 2.2.4 Healthcare

      5. 2.2.5 Retail and Consumer Goods

      6. 2.2.6 Logistics

      7. 2.2.7 Other End-users

    3. 2.3 By Country

      1. 2.3.1 United States

      2. 2.3.2 Canada

North America IT Services Market Size FAQs

The North America IT Services Market is projected to register a CAGR of 7.30% during the forecast period (2024-2029)

IBM, Microsoft Corporation, TCS Limited, Accenture PLC and Wipro Limited are the major companies operating in the North America IT Services Market.

North America IT Services Report Snapshots

North America IT Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)