Forecast Report

US Tech Market Forecast, 2023 To 2027

A Slower US Economy Limits Tech Spend Growth To 5.5% In 2024

January 3rd, 2024
Michael O'Grady, Principal Forecast Analyst
Michael O'Grady Principal Forecast Analyst
With contributors:
Keith Johnston , Christopher Gilchrist , Elizabeth Cullen , Michael Kearney , Ian McPherson

Summary

US technology spend will increase 5.5% in 2024, helped by the rapid growth of cloud, cyber security, generative AI, and the digital economy. Software and IT services will capture 60% of US tech spend in 2027, up from 53% in 2018. Financial services and healthcare will see the fastest tech spend growth in 2024, with more modest tech spend growth in retail, manufacturing, transportation, and logistics.

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