Solid US growth led by services and AI-driven enterprise demand

We expect enterprise technology spending in the Americas to grow 6.5% in 2026 in US$ terms, and 5.9% in real terms. This remains well above regional GDP growth, supported by AI-led investment as firms scale deployment and expand cloud and data infrastructure, even as overall growth settles to a more sustainable pace.

• Technology spending continues to outpace GDP across most major markets, led by the United States, where strong enterprise and hyperscaler investment is driving demand for AI infrastructure and services.
• Enterprise software (5.9%) and IT services (6.8%) are supported by rising demand for AI integration, custom-built applications, and cybersecurity, as firms adapt systems for AI use and manage higher risks.
• Internet and cloud services (6.8%) remain a key driver, reflecting strong demand for scalable compute and data capacity.
• Devices growth is more moderate at 6.6%, with AI-related upgrades still supporting demand but less strongly than in Asia-Pacific.
• Rising geopolitical tensions are also supporting demand for AI-driven security and cyber capabilities, particularly in the United States.