CLEVELAND, March 7, 2019 /PRNewswire/ -- Revenues for the US IT services industry are forecast to grow 4.7% annually in nominal terms through 2023, according to IT Services: United States, a report recently released by Freedonia Focus Reports. The ongoing economy-wide shift from on-site capabilities to XaaS ("anything-as-a-service") solutions will underpin gains. In addition, the continued proliferation of mobile and internet of things (IoT) devices – appliances and other everyday objects enhanced with electronics and network connectivity – will drive the need for larger amounts of data storage and processing capacity accessible via the internet. For comparison to a long-established business model, mobile and smart devices can be thought of as printers and cloud services as ink, a source of recurring profit. In addition, the swelling value of data stored in company servers combined with the increasing sophistication of cyberattacks will support spending on security services and upgrades over the forecast period. Further growth will be restrained by competition from in-house capabilities maintained by potential customers.
These and other key insights are featured in IT Services: United States. This report forecasts to 2023 US IT service revenues in nominal US dollars. Total revenue is segmented by type in terms of:
infrastructure provisioning and management
custom application design and development
infrastructure design and development
To illustrate historical trends, total revenue and the various segments are provided in annual series from 2008 to 2018.
US IT service revenues include income from all domestic locations primarily engaged in providing IT services. This report represents the revenues of employer firms; nonemployer firms are excluded. Revenues further exclude services (such as product assembly, installation, and support) provided by computer, peripheral, or software retailers and wholesalers.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Services & Industries reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
total historical market size and industry output
segmentation by products and markets
identification of market drivers, constraints, and key indicators