With the largest technology market in the world, the United States stands out for the opportunities in the industry. In addition to the Big Four: Apple, Amazon, Meta (Facebook), and Google, the country has a favorable environment in terms of taxes and regulations. Tech companies of all sizes can take advantage of the US tech sector and expand their business to America with Globalfy.
Although in recent years, the tech industry has also become a crucial part of the world economy. Whether in independent sectors, employing technological solutions or in companies developing software, tech appears to be one of the world’s biggest growth drivers. According to a report released by CompTIA, the technology market is expected to reach US$1.8 trillion this 2022.
By 2021, a third of tech companies were still feeling the consequences of the coronavirus pandemic. Despite all this, the last two years have brought some positive changes for SaaS companies since more consumers are looking for alternatives due to remote work and the need for digital transformation.
Want to know more about the growth of the tech market and how you can take advantage of it all as an international entrepreneur? Keep reading!
CompTIA gathers information on the new technology trends
The CompTIA report points out that this year the technology industry should resume a growth pace of 5%–6% per year, as was the pattern before 2020. That means the industry worldwide is expected to surpass the US$5.3 trillion mark in 2022.
Currently, the United States represents 33% of the world’s technology sector. With that, the country should reach US$1.8 trillion this year. Behind the USA appears Western Europe with a share of 19% of the market.
The technology industry is divided into five categories: hardware, software, IT services, emerging technologies, and telecommunications. Currently, in the US, hardware, software, and IT services represent 68% of the sector, while telecommunications accounts for 19%. Emerging technologies represent a 13% share of the industry.
In addition to forecasts for 2022, CompTIA brought data on business expectations for the year. According to more than half of the respondents, 2022 would mean a profit greater or equal to 2021. After two years of instability, this expectation shows more optimism in the technology market.
The Computing Technology Industry Association (CompTIA) works through education, training, certifications, philanthropy, and market research to promote industry growth and support professionals in the tech sector. They are a trusted source of information on technology topics, such as cybersecurity; education, training, and certification of the global tech workforce; new and emerging technologies; legislation and policies affecting the industry, and workforce data, development, and trends.
How to take advantage of the opportunities in the tech market in the USA?
In 2021, the tech industry accounted for 9.3% of the US GDP, according to research. Since 2018, the sector’s contribution to the American economy has been constant and considerable. Until 2024, the market is projected to continue growing. Research predicts that the sector’s compound annual growth rate (CAGR) will remain stable at 5% per year.
The impact of the US tech industry affects almost every state in the country. The Cyberstates 2019 showed that in 23 states the sector is already among the top 5 greatest contributors to the local economy.
With this, executives in the sector highlight this moment for the international growth of companies. In an interview with Grant Thornton, 57% of executives said they plan to expand their markets in other countries this year.
The American market has advantages for entrepreneurs looking to make sales in the country as well as for those who want to go further. Doing business in US dollars will help your company reach new customers and suppliers from around the world.
Be part of the biggest tech market in the world
Establishing your business in the US ahead of competitors is extremely important in a market that is constantly developing. Tech companies in the US are working to harness the full potential of one of the largest sectors of the US and world economy.
For international entrepreneurs, the possibility of starting a business in this ecosystem remotely is a must!
To do this, check out Globalfy’s all-in-one plan to start your business in the US at the best price! Count on a plan designed for businesses like yours and get 1 year of Virtual Address and a Business Bank Account for your company in the USA.