State of the Federal IT Market: Continued Opportunities Amid Slowing Growth
Explore the booming state of federal IT in 2024, and learn about the aggressive investment and unprecedented growth in the federal IT market.
James Wichert is an analyst working primarily with TBR’s Professional Services practice. James leads the research and analysis for TBR’s coverage of General Dynamics Technologies, ManTech, Maximus, Peraton and Raytheon Intelligence & Space. He also authors special reports and contributes to TBR’s Federal IT Services Benchmark.
Explore the booming state of federal IT in 2024, and learn about the aggressive investment and unprecedented growth in the federal IT market.
TBR anticipates that Peraton will continue to more efficiently convert its backlog (last reported at $24.4 billion in the middle of 2022) into revenue while the company also keeps capitalizing on federal budget priorities favoring civilian, defense and healthcare agencies. A government shutdown in 4Q24 could still disrupt Peraton’s expansion, but TBR believes Peraton will still reach between $8.0 billion and $8.1 billion in annual revenue during 2024, representing growth of between 2.6% to 5.2% over 2023.
Explore the future of M&A activity in federal IT in 2025. Learn how contractors are adapting to changes in market conditions and emerging technologies.
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Delve into the world of CGI’s GenAI capabilities, with key insights from CGI’s vice presidents of Global AI Enablement. Additionally, learn how the company is addressing challenges around data, change management, and ROI in IT services and technology solutions.
Peraton has the necessary portfolio depth and scale to regularly vie with industry leaders for enterprise IT contracts in the $500 million to $2 billion range in the federal civilian and health spaces while also capitalizing on Department of Defense Intelligence Community needs.
Free webinar: Learn our 2023 outlook for the federal IT market, including market acquisition activity expectations for the year
Notably, Lockheed Martin was left out of the ABMS Digital Infrastructure Consortium, despite ramping up its efforts to underpin the DOD’s JADC2 vision.
U.S. interest in hypersonic missiles has surged over the last few years, with the DOD’s budget for hypersonic research growing 18.8% year-to-year in FY22.
JADC2 is an evolving Department of Defense vision to revamp the C4ISR programs currently in use across all U.S. military branches.
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