The Gross Value Added (GVA) of IT services in the US has seen a significant upward trajectory from 2013 to 2023. In 2023, the GVA stood at $864.1 billion, highlighting continued growth. The year-on-year variation for 2023 was 7.43%, indicative of a healthy increase within the industry. Leading up to 2023, the market demonstrated robust growth with a 5-year Compound Annual Growth Rate (CAGR) of 7.94%, showing a strong performance in the IT services sector.
From 2024 to 2028, the IT services sector is expected to maintain growth, albeit at a more moderate pace. The forecasted 5-year CAGR is projected to be 4.56%, with an overall growth rate of 24.98%. Future trends to watch for include increased digital transformation initiatives, the adoption of emerging technologies like AI and machine learning, and the growing importance of cybersecurity.
