Russia IT Spending to Grow 16.8% CAGR by 2014

According to our latest research offering “Russia IT Industry Analysis”, Russia is slowly emerging as a strong contender in the global IT arena. The government’s push in form of incentives and tax breaks along with equivalent co-operation from private sector has propelled the IT industry to develop dynamically. Despite industry setback in 2009, Russia is considered to have huge potential in the IT sector. The overall IT spending, which is anticipated to grow at a CAGR of 16.8% during 2010-2014 readily confirms Russian market’s attractiveness and improvises foreign investments in the sector.

 

The research outlined that year 2009 proved to be volcanic for the Russian IT industry and economic slowdown dented industry’s performance. Banks and state organizations reduced their IT spending by 15-30%. The market saw some signs of recovery in 2010 and software and hardware spending substantially increased. During the next few years, growth in the IT market will be phenomenal. Various factors such as, public spending, system automations etc. will help industry to sustain its high growth potential status during our forecast period.

 

Impressive developments in the industry are now slowly positioning Russia as one of the preferred software outsourcing destinations in the world. Even in the wake of economic slowdown, Russian software exports grew strongly in 2009. Additionally, banks, healthcare companies, IT majors’ in the US and the EU regions are now considering Russia as a viable option for software outsourcing and consulting projects. We expect this trend to further intensify in the coming years, which will position Russia as a regional outsourcing hub by 2014.

 

Our report “Russia IT Industry Analysis”, is an outcome of widespread research and conceptual analysis of the Russian IT industry potentials. It underlines issues related to the success of the industry and provides a prudent analysis on its various aspects. It is a comprehensive overview of the past and current performance of the IT industry, including software, hardware, and services industry. Besides, it provides segment wise market forecasts, which will help clients to understand the probable future outlook of the industry.

For more information visit: http://www.rncos.com/Report/IM292.htm