The world of information technology and related services is rapidly evolving. Of the equipment types the Monitor reports on, it experienced the most growth from 2022 to 2023, more than doubling year over year. In 2023, the IT services market was valued at $407.5 billion, projected to grow at a compound annual growth rate of 7.9% from 2024 to 2030.1
Staying ahead of this crucial, evolving market can be challenging, particularly in an industry that is still far behind in the understanding and adoption of emerging technologies. Anthony Sasso, head of TD Equipment Finance, highlights a few key strategies to doing so: carefully monitoring industry developments, attending key conferences for more information and leveraging insight from vendor partners.
Those in-tune with industry trends know that some emerging technologies are of particular interest to equipment financiers — artificial intelligence, digital platforms and data analytics, to name a few. Sasso points to AI, in particular, as having a wide array of benefits for the industry, from leaders to clients. “AI promises enhanced risk assessments, credit scoring and portfolio management by analyzing vast amounts of data for accurate decision making,” Sasso says. He also emphasizes AI’s potential to streamline end-to-end processes, improve efficiency and reduce operating costs, which leads to improved margins and increased savings. Though, cybersecurity threats are prominent — a concern, certainly, for many in this market. “Clients have to be particularly cautious as they manage integrations of new technology and existing systems,” Sasso says.
Data privacy continues to be top of mind for Sasso, as a prominent player in the industry, especially as TD’s customers navigate compliance and regulatory environments balanced against a strive to optimize efficiency and achieve cost reductions. •
1 “U.S. IT Services Market Size, Share & Trends Analysis Report By Technology…” Grand View Research.
