The North America IT services market 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. IT services are the application of business and technical skills to support businesses in developing, managing, and accessing information and business processes. It permits a user or line to utilize IT as a managed service. Users may only use and pay for the services they require.
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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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IT services are utilized to put technical expertise to work, standardizing and streamlining business procedures, enabling firms to access information more effectively. According to secondary data regarding technological needs, 29% of small businesses in the US rely on an IT service provider. As more companies come to understand the enormous advantages that outsourcing may offer, that number keeps increasing every year. The fact that technology is necessary to operate a small business is becoming increasingly clear to its owners. Therefore, IT services are critical to their efficiency and successful operations. For instance, help desk support is a fundamental service that the majority of IT service companies offer. In essence, this gives users access to IT specialists that can assist them in resolving issues and correcting mistakes as they occur. Support is normally given over the phone and by remote access to the user’s computer, but, if necessary, it can also be done by a person.
Unique Features in the North America IT Services Market
Providers in this market guarantee that services are closely aligned with organisational aims and objectives by providing highly customised solutions that are adapted to the unique demands and problems of businesses in various industries.
Companies may simply scale up or down in response to demand and shifting market conditions thanks to providers’ flexible and adaptable solutions, which can adjust to changing company needs.
Data protection, threat detection, incident response, and regulatory adherence are prioritised by IT service providers in North America when it comes to cybersecurity, which is a growing focus.
North American IT service providers enable businesses to optimise IT operations, lower costs, and improve overall efficiency by utilising cutting-edge service delivery models like managed services, outsourcing, and co-sourcing.
In order to promote innovation and propel the creation of new solutions, providers frequently form strategic alliances and work together within a dynamic ecosystem of technology vendors, startups, academic institutions, and trade groups.
Major Highlights of the North America IT Services Market
North American businesses are implementing digital transformation programmes, which is increasing demand for IT services that facilitate the adoption of digital technologies, modernise antiquated systems, and boost operational effectiveness.
In order to ensure that services closely fit with organisational goals and objectives, IT service providers in North America deliver highly customised solutions that are suited to the unique needs and difficulties of organisations.
IT service providers in North America place a high priority on cybersecurity services, providing all-inclusive solutions for data protection, threat detection, incident response, and compliance adherence. This is because cybersecurity threats are only becoming worse.
In order to take advantage of the scalability, flexibility, and cost-effectiveness of cloud computing, North American businesses are embracing cloud services at an increasing rate. This is creating a need for cloud migration, management, and optimisation services from IT service providers.
IT service providers in North America are able to offer specialised solutions that are suited to the particular needs of each industry since they have extensive industry-specific knowledge in fields including healthcare, banking, retail, manufacturing, and government.
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Top Key Companies in the North America IT Services Market
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).
Wipro is a leading global information technology, consulting, and business process service company. It offers services, such as cognitive computing, hyper-automation, robotics, cloud, analytics, and emerging technologies, to help clients adapt to the digital world. It enables ease of integration of IT infrastructure and provides technical support to its clients. The company has a presence in North America, Europe, the Middle East & Africa, and Asia Pacific. Its partner ecosystem includes value-added partners, strategic partners, technical partners, and sales partners. Wipro has a strong clientele across the globe. Its customers include SMEs and large enterprises. The company specializes in consulting, business process outsourcing, business application services, infrastructure management, cloud services, analytics and information management, product and engineering services, mobility, data center managed services, and software application management.
Hewlett Packard Enterprise (HPE) was founded in 2015 and is headquartered in Texas, US. HPE is a business unit of HP. HP was split into two, wherein HP deals with the printer and PC arms of the business, while HPE caters to the enterprise products and services sector. It is a globally recognized edge-to-cloud Platform-as-a-Service (PaaS) enterprise delivering diverse business solutions to organizations worldwide. HPE deals with servers, networks, storage, software, consulting, containerization, and support. HPE’s products and services portfolio extends to automate and also contributes toward simplifying IT operations across business units, including Business Analytics. HPE expands its GreenLake service with a breakthrough Storage-as-a-Service model business transformation and reinvention. It is strongly moving forward toward ethical development and the deployment of AI and its successful, productive, effective, and efficient inclusion in the working paradigm of enterprises across. Currently, it has several channel partners across North America, Europe, and other regions. It has a global presence in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, with a strong customer base across 120 countries.
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