(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The "North America ICT Market, By Country, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The North America ICT market was valued at USD 1.86 Trillion in 2023, and is expected to reach USD 2.99 Trillion by 2029, rising at a CAGR of 8.05%.
The North America Information and Communication technology (ICT) market is a dynamic and rapidly evolving sector, characterized by significant growth and innovation. As of 2023, the region remains a global leader in ICT, driven by its advanced technological infrastructure, substantial investments in research and development, and robust demand for digital solutions across various industries.
The market encompasses a broad spectrum of components, including hardware, software, and services. Key players in the region, such as Microsoft, IBM, Cisco, and Oracle, continue to spearhead advancements in software development, cloud computing, and networking technologies. This leadership is reinforced by the presence of major technology hubs in the United States and Canada, where enterprises and startups alike drive innovation and digital transformation.
Cloud computing is a major growth driver in the North American ICT market. The adoption of cloud-based solutions has surged as businesses seek scalable, flexible, and cost-effective infrastructure to support their operations. Major cloud service providers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud have expanded their offerings, catering to the increasing demand for cloud storage, computing power, and data management.
Additionally, the rise of artificial intelligence (AI), machine learning, and big data analytics is transforming the market landscape. Companies are leveraging these technologies to enhance decision-making, automate processes, and gain actionable insights from vast amounts of data. This trend is supported by significant investments in AI research and development, positioning North America as a hub for cutting-edge technological advancements.
The growth of the Internet of Things (IoT) is another notable trend, with applications spanning smart homes, industrial automation, and connected vehicles. The proliferation of IoT devices is driving demand for advanced networking solutions and cybersecurity measures to ensure secure and efficient data transmission.
End-User Industry Insights
BFSI segment dominated in the North America ICT market in 2023. The BFSI sector is experiencing significant digital transformation, with financial institutions and insurance companies heavily investing in advanced ICT solutions to enhance operational efficiency, improve customer experiences, and ensure regulatory compliance. The adoption of technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics is transforming how these institutions manage risk, detect fraud, and offer personalized services.
AI-powered algorithms and predictive analytics are increasingly used for credit scoring, risk assessment, and automated customer support, driving substantial demand for sophisticated ICT solutions. The shift towards digital banking and online financial services has accelerated the need for robust and secure ICT infrastructure. The proliferation of mobile banking apps, online trading platforms, and digital wallets requires secure and scalable technology solutions to handle large volumes of transactions and sensitive customer data. This trend has prompted significant investments in cybersecurity measures, cloud computing, and data management systems to safeguard against cyber threats and ensure compliance with stringent data protection regulations.
Regulatory compliance and reporting requirements have become more complex and demanding, driving the need for advanced ICT systems that can handle vast amounts of data and ensure accurate reporting. Financial institutions are investing in technologies that facilitate regulatory reporting, data governance, and compliance management, further fueling the growth of the ICT market within the BFSI sector.
Additionally, the BFSI sector's focus on enhancing customer engagement through digital channels has spurred investments in CRM systems, digital marketing tools, and customer analytics platforms. These technologies enable financial institutions to offer personalized experiences, streamline customer interactions, and improve service delivery.
Country Insights
United States dominated the North America ICT market in 2023, the United States is home to a significant number of the world's largest and most innovative technology companies, including giants such as Microsoft, Google, IBM, and Amazon. These companies drive substantial advancements in software, cloud computing, artificial intelligence, and other cutting-edge technologies. Their continuous investment in research and development fosters innovation and positions the U.S.
at the forefront of technological progress. The U.S. market benefits from a well-established and highly developed ICT infrastructure. The country boasts an extensive network of data centers, advanced telecommunications systems, and robust internet connectivity, which supports its leadership in cloud computing, big data analytics, and other digital services. This infrastructure is crucial for supporting a wide range of digital applications and services that cater to both consumer and enterprise needs.
U.S. government's focus on promoting technological innovation through policies and funding has significantly contributed to the market's growth. Initiatives aimed at enhancing cybersecurity, supporting emerging technologies, and driving digital transformation across various sectors provide a conducive environment for ICT advancements. Additionally, the presence of a large and diverse consumer base drives demand for innovative ICT products and services, further bolstering the market.
The country's dynamic and competitive business environment also attracts a multitude of technology startups and venture capital investments, fostering a culture of innovation and entrepreneurship. This vibrant ecosystem supports the rapid development and adoption of new technologies, reinforcing the U.S. position as a leader in the ICT sector.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $1.86 Trillion |
| Forecasted Market Value (USD) by 2029 | $2.99 Trillion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | North America |
Report Scope:
Key Market Players
Microsoft Corporation IBM Corporation Cisco Systems, Inc. Intel Corporation Oracle Corporation SAP SE Hewlett Packard Enterprise Company Dell Technologies Inc. Amazon Web Services, Inc. Google LLC Salesforce, Inc. Huawei Technologies Co., Ltd.
North America ICT Market, By Type:
Hardware Software Services
North America ICT Market, By Deployment Mode:
North America ICT Market, By End-User Industry:
BFSI Healthcare Retail IT & Telecommunications Others
North America ICT Market, By Technology:
Networking Technology AI & ML Big Data Analytics IoT Blockchain Others
North America ICT Market, By Country:
United States Canada Mexico
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North American ICT Market
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