The United States exported technology worth US$338 billion in 2019, with the services industry continuing to register red-hot growth.
The digital transformation services have been the major drivers of growth for the services sector, while cloud services providers, such as Google and Amazon, are making the most of the demand.
Between 2010 and 2019, technology services export jumped by a stunning 76%, according to global IT trade group CompTIA. Compared with the services sector, tech goods export grew barely 16% during the period.
“Tech services have been a U.S. strength for the past decade with aggregate exports reaching nearly US$1.1 trillion over the 10-year period, resulting in a trade surplus of $336.5 billion. The software services category contributed the bulk of the positive surplus (69 percent) during this period,” the report added.
Considering the report, many American technology services providers are offering an everything-as-a-service model to gain access to more clients and to increase revenue.
The tech services exportation sector generated 9,463 jobs in 2018, the most recent year available data. Interestingly, the tech goods exportation sector has employed more people than the services sector.
The services industry does not seem to have been hurt much during the ongoing COVID-19 pandemic. That is because the IT services providers quickly transitioned to the work-at-home environment. The IT sector added more than 8,500 new jobs in March 2020, according to CompTIA’s previous report.