Online Presentation of the Research on the US IT Market: Current Trends and Prospects

Last Friday, November 29th, an important online presentation took place, where the presentation of the U.S. IT market research* was presented. Olga Gvozdyova, AAdvisor to the Director of the Entrepreneurship and Export Promotion Office, highlighted key trends in areas such as CyberTech, AgriTech, EdTech and FinTech.

 

The US IT market is the undisputed leader of the global industry, accounting for 35.7% of the global ICT market in 2023. Thanks to a culture of innovation and entrepreneurship, the US has formed a dynamic IT services market that actively influences the digital future.

 

Key Points of the Presentation

 

• FinTech

The US holds leading positions in financial technologies. It is expected that the revenue in the IT services market will reach $522 billion in 2024, of which $197.3 billion will come from IT outsourcing. There will be 166 fintech unicorns in the US in 2024, with 282 million digital payment users in 2023.

Among the leading players in the market are: Visa, Mastercard, Intuit, Fiserv, PayPal, Coinbase, Block (formerly Square), Chime, Acrisure, Robinhood.

 

• EdTech

In the US, 2,739 educational tools were used in schools in 2023 and 9.1 million users are expected by 2030 within the framework of Metaverse Education. The majority of products (60%) are aimed at students, highlighting the trend of focusing on younger generations.

 

• Cybersecurity

The US remains the largest market in the cybersecurity sector. The expected revenue is $81.37 billion in 2024. The market is divided into security services (53%) and cybersecurity solutions (47%).

 

• AgriTech

The gross output in AgriTech is expected to reach $710 billion by 2029, with an annual growth rate of 5.83%.

Key trends include the demand for drones and UAVs for crop monitoring, which increases the efficiency of agricultural production.

 

Key Figures:

• In 2023, the US led the venture capital market for FinTech, with funding exceeding $18 billion.
• The growth of the IT services market continues to accelerate, with IT outsourcing in the US expected to generate $197.3 billion in revenue by 2024.
• The workforce in the IT sector is expected to grow at twice the rate of the overall US economy.

 

Features of the US IT Services Market

• The culture of innovation and a high level of entrepreneurship have helped the US become a global leader.
• The largest technology companies, such as Microsoft, Google, and Amazon, have their headquarters in the US. Current areas of development include cloud computing, cybersecurity, and artificial intelligence technologies.

 

The American IT market continues to dominate the global economy, and its potential in areas such as CyberTech, AgriTech, EdTech and FinTech remains impressive. The presentation provided an opportunity to explore current trends, business opportunities, and prospects for cooperation.

 

The recording of the online presentation is available at the link.

 

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*The research was developed by the Entrepreneurship and Export Promotion Office with the support of the USAID  Competitive Economy program, the project “SME Policies and Institutions Support” (SMEPIS) commissioned by the IT Ukraine Association, implemented by Ecorys in consortium with GIZ Ukraine, BRDO and Civitta with financial assistance from the European Union.