IT Consulting in the US
Due to low capital requirements, a sizable number of operators are small nonemployers or independent contractors. IT Consulting has experienced a shift in technological change towards cloud computing and data analytics. The constantly changing character of the industry has led larger players to acqu...
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| Format: | Market Research |
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| Language: | eng |
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| Online Access: | Request full text |
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| Summary: | Due to low capital requirements, a sizable number of operators are small nonemployers or independent contractors. IT Consulting has experienced a shift in technological change towards cloud computing and data analytics. The constantly changing character of the industry has led larger players to acquire smaller companies and develop new products to remain competitive. Industry revenue has grown at a CAGR of 2.8% to $692.9 billion over the five years to 2023, including a rise of 1.2% in 2023 alone. Profit is expected to remain relatively steady and account for 6.4% of revenue in 2023.
Shifting technology trends have boosted demand for new services and encouraged companies to replace older, more traditional technology. Operators compete to offer the newest and most efficient technological solutions to clients. Operators have benefited from an increase in corporate profit. Businesses are more likely to invest in new computing infrastructure when profit is high.
Over the five years to 2028, industry revenue is expected to climb at a CAGR of 2.6% to $787.8 billion. Expected growth in the Finance and Insurance sector (IBISWorld sector report 52) will continue to benefit operators since it represents one of the largest markets for the industry. The continued shift to cloud computing and the rising use of data analytics will increase security concerns for businesses, boosting the need for industry services. |
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