The output of IT services in the US has demonstrated robust growth from 2013 to 2023, increasing from $595.42 billion to $1434.2 billion in value. The year-on-year growth rates have varied, peaking with a significant 17.12% increase in 2021. The Compound Annual Growth Rate (CAGR) over the past five years has averaged 9.86%, indicating strong and consistent expansion in the sector.
From 2024 onward, the projected forecasts indicate continued growth, albeit at a more moderate pace. The anticipated CAGR for the next five years is 5.27%, with the sector expected to grow by around 29.25% over this period, reaching $2004.0 billion by 2028.
Looking into the future, trends to watch include:
- Adoption and integration of Artificial Intelligence and Machine Learning in IT services
- Growth of cloud-based solutions and services
- Expansion in cybersecurity services due to increasing digital threats
- Evolution in IT infrastructure driven by 5G technology
