The value added of IT services in the US has consistently grown over the past decade. From 2013 to 2023, it increased from $382.36 billion to $864.1 billion, showing a robust growth trend with an average annual CAGR of 7.94%. The highest yearly growth during this period was 14.44% in 2021, highlighting a strong post-pandemic recovery. The year-on-year increase in 2023 was 7.43%, reflecting steady growth. The forecast for 2024 projects the value added to rise to $923.23 billion. By 2028, it is expected to reach $1,153.9 billion, with a forecasted 5-year CAGR of 4.56%, indicating a gradual slowdown.
Future trends to watch:
- Emerging technologies such as AI and machine learning.
- Increased adoption of cloud computing and cybersecurity services.
- Potential regulatory changes affecting technology investments.
- Shifts towards digital transformation across various sectors.
