IT Services Market
A key sub-sector of the larger information technology industry, the IT Services market brings in hundreds of millions of dollars each year, with forecasts suggesting that this number will eclipse the one trillion dollar mark in the near future. Unsurprisingly, given the amount of major tech companies located in the United States, North America is the highest regional consumer of IT services. Digitalization, along with essentially constant technological advancement, means that businesses in nearly every industry rely on IT services and market spending continues to grow steadily each year.
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The median average contract length is 1.3 years and the average billing term is seven months in advance in 2016. Comparable to 2015, with average contract length shortening from 1.5 to 1.3 years and average billing period increasing by one month from 2015 to 7 months
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