Sectoral opportunities in the USA
There are a number of sectors that could potentially offer some opportunities to Northern Ireland companies.
The US is the largest economy in the world. There are a number of sectors that could potentially offer some opportunities to Northern Ireland companies:
Food and drink sector
The US is the UK鈥檚 second largest market for Food and Drink exports, which totaled 拢2.2 billion in 2018 (UK Food & Drink Federation, 2018).
Attractive export market
The US is an attractive market due to its large, affluent and diverse population. There is a relatively stable economy and established infrastructure.
Private label growth
Private-label sales grew 125% between 2016 and 2017, providing opportunities for UK brands with expertise working in private label (Nielson, 2018).
High-potential products
English sparkling wines, cheese, and gin are emerging categories in the US with high growth potential. The US also offers great opportunities for high-value, differentiated, niche, and on-trend products.
Technology sector
The US is the largest tech market in the world. It represents 31% of the global market, totalling approximately $1.6 trillion in 2019 (CompTIA IT Industry Outlook, 2019). Rich with early adopters, the size, affluence and sophistication of the US market provides an ideal test bed for innovative products and services.
5G
The US government is encouraging companies to deploy 5G networks and to modernize digital opportunity for all Americans (US Federal Communications Commission, 2019). IoT and Smart Cities are strong focuses at local government levels.
Artificial Intelligence
The US market has appetite across industry, government, and university to build excellence and cross-collaboration in artificial intelligence.
Life Sciences sector
The US is by far the world鈥檚 biggest spender on healthcare, medical products, and health research and development (OECD, 2019). In 2017, the US spent $3.5 trillion on healthcare, and spending is projected to almost double in the next decade (Centers for Medicare and Medicaid Services, 2019).
Supply chain opportunities
The US is home to a large number of biotech and pharma companies that offer many opportunities for UK companies to sell into their supply chains. The US pharmaceutical market is the world鈥檚 largest (International Trade Administration, 2016).
Technology opportunities
US hospitals and healthcare organisations are keen to deliver healthcare more efficiently with artificial intelligence and other innovative technologies. This growing market is ripe for UK medtech companies that offer data analysis solutions.