With more and more businesses now looking for new opportunities to expand and grow their business, it may be that some will look to expand their business in new countries and the US presents one of the best opportunities for growth in the IT industry. According to cyberstates, the tech industry accounts for $1.8 trillion!
The potential for growth and the wealth of opportunities offered in the US are great and may be the answer for growing your business, however, the process of moving a business to America isn’t straightforward and trying out your business model can be beneficial. Foothold America – a business specialising in helping foreign businesses start up in the states – lets you explore the opportunities and options in moving your business to the US but without exposing yourself and your business to a big risk.
In 2020, IT expertise is in high demand, with lots of opportunities in many sectors:
● In 2019 the jobs with the most promise were data scientist and site reliability engineers, according to linkedin
● 12 million people are 1`employed in tech roles in the US with 261,000 roles created in the IT industry alone last year.
● 1.5 million tech workers are software and web developers
● 40,500 new businesses were launched in the IT industry in 2018
The US has always and continues to be seen as a major player in leading technology innovation, investing and growing the ever changing industry with many options for companies to build and diversify.
The US invests big in IT:
The US is investing heavily into innovation with $3.6 billion being invested into innovation research and development in 2017 alone. Due to the large potential in the states it is the ideal place to launch your company. With many companies seeing the US as the place to invest, it could offer a good opportunity to test the waters with your business, especially as the majority of investments came from foreign-owned firms in the IT Industry.
Another area in which the US is investing in is Expansion with it being another key priority in the US, $7.5 billion used to grow new business with a large amount of investments coming from UK, German and French companies. Other countries investing heavily in the US only highlights that America is the place to be for up and coming IT businesses.
The two main IT sectors in 2020:
In 2020, there are two key sectors where growth and investment is evident in regards to new technology, Cyber Security and Artificial Intelligence (AI). Both have seen massive financial gain, some of the biggest seen in the US.
AI has seen diversification into the healthcare industry with medicine and life sciences having $32 million invested in the first 6 months of 2018.
In 2015 the AI industry was a $5 billion market but by 2020 its predicted the market will have reached $12.5 billion and that’s just the start with more growth expected, other developments being the likes of Alexa, Siri and other devices. With AI fast becoming more utilised across the world and in more industry sectors, the opportunities here are growing and it poses a good potential for expansion with this being funded as top priority by the US.
Cyber Security is another area being invested heavily in 2020 with more than $60 billion is being spent in this area alone and with the US being the largest market of Cyber Security with industry growth by 14.15% (CAGR) between 2019 to 2024. The industry offers a wealth of opportunity and is at the forefront of the IT industry with the technology being developed now essential for keeping business in all sectors safe as cyber attacks becoming more common.
For more in depth information on the IT industry and the room for growth, see the full Foothold America report.