The North America IT Services Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period, to reach USD 660.9 billion by 2026 from USD 459.2 billion in 2021. Increased productivity, reduced time and costs, and enhanced focus on customer experience are expected to spur the demand for IT Services offerings across North America.
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Growth of Professional services to be driven by increasing need of Small and Medium-sized Businesses (SMBs) to distribute or manage enterprise workloads
The key features of Professional services include provision of System Integration, increasing demand for Consulting services, Training and Education sector. These services are generally required by enterprises to effectively deploy new applications and solutions in the existing IT infrastructure. The ever-changing business environment and customer demands encourage enterprises to increase their focus on their core business operations. IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhanced collaboration to help enterprises focus on their core businesses.
US to dominate the IT Services market in 2021
North America is a mature market in terms of IT Service offerings adoption, owing to a large presence of enterprises with advanced IT infrastructure and the availability of technical expertise. The US (majorly) and Canada are the top countries contributing to the growth of IT Services market in North America. Healthcare, followed by Government and Defense verticals have the largest market share in the market. As the benefits of adopting IT services are becoming more evident, more companies are expected to implement IT services and provide effective and enhanced support.
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The North America IT Services market includes major vendors, such as IBM (US), Hewlett Packard Enterprise (US), Accenture (Ireland), CISCO (US), Wipro (India), HCL Technologies (India), Cognizant (US), Infosys (India), Rackspace (US), Tata Consultancy Services (India), Fujitsu (Japan), Capgemini (France), Ericsson (Sweden), Huawei Technologies Co. Ltd. (China), Nokia Networks (Finland), GTT Communications (US), SAP (Germany), DXC (US), NTT DATA (Japan), NEC (Japan), Deloitte (UK), Virtuestream (US), DigitalOcean (US), Bluelock (US), Navisite (US), CenturyLink (US), Infor (US), Opentext (Canada), Citrix (US), IFS (Sweden).
The major players have implemented various growth strategies to expand their presence in North America and increase their market shares. Key players such as IBM, Hewlett Packard Enterprise, Accenture, CISCO, Wipro, HCL Technologies and Cognizant have majorly adopted many growth strategies, such as new service offerings, mergers, acquisitions, and partnerships, to expand their service portfolios and business expansion as well and grow further in the IT Services market.
IBM is a leading player in the IT Services market in North America. The company’s major operating sector consists of five business segments, namely, cognitive solutions (AI), global business services, technology services and cloud platforms, systems, and global financing. IBM focuses on strengthening its product portfolio by launching new and advanced solutions in these sectors. It helps customers streamline business processes and enhance data-driven decision-making capabilities. It offers a broad product portfolio that includes Analytics, Intelligent Automation, Cloud Computing, Blockchain, Business Operations, IT Infrastructure, Mobile Technology, Security, Software Development, and Supply Chain Management. IBM offers an array of services, including infrastructure services, outsourcing, application management services, Global Process Services (GPS), maintenance and support, consulting, and other managed services. It offers managed services such as enterprise application services, managed mobility services, workplace services, backup and recovery services, network services, security services, and storage services. IBM has expanded its managed services in the cloud services such as Infrastructure-as-a-service (IaaS), Platform-as-a-service (PaaS), and Software-as-a-service (SaaS).
TCS is a pioneer in offering innovative consulting and IT solutions and services. It has been efficiently catering to its clients’ needs by offering technologically advanced solutions. TCS offers services, such as cloud, consulting, analytics and insights, internet of things, blockchain, enterprise applications, cognitive business operations, conversational experiences, automation and AI, engineering and industrial services, cybersecurity, and quality engineering, to its broad range of customers across the globe. Banking, Financial Services and Insurance (BFSI), manufacturing, retail and consumer business, communication, media and technology, and others are a few operating segments of TCS. In IT service offerings, the company offers managed IT infrastructure services, cybersecurity managed services, and managed services for contact centers and unified communications. Managed services for contact center and unified communications include helpdesk management, patching and anti-virus software upgrades, and reporting and governance. Cybersecurity services help enterprises optimize controls, improve governance, and increase profitability.
The presence of various well-established players from the region as well as from outside has intensified the level of competitive rivalry in the North America IT services market. Some of these players are Accenture (Ireland), IBM (US), Fujitsu (Japan), Cisco (US), AT&T (US), Verizon (US), Wipro (India), HCL (India), TCS (India), Capgemini (France), Atos (France), Huawei (China), Cognizant (US), DXC (US), Dimension Data (South Africa), Infosys (India), Ericsson (Sweden), NTT Data (Japan), Rackspace (US), GTT Communications (US), Happiest Minds (India), Nokia Networks (Finland), and CenturyLink (US). These vendors have a strong foothold in the North America, owing to their strong product and service portfolio and well-established strategic alliances. Further, all the players are focusing on gaining a competitive edge through R&D efforts, strategic alliances, and acquisitions.
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