Russian IT market to recover in 2011 - June 2010

During the period 2001-2008 the compound annual growth rate of the IT market in Russia exceeded 30%. In 2009 the market declined by 25% year-on-year to approx. RUB 407bn. The main reason for the contraction of the Russian IT market was the financial crisis, which hit the country already in the second half of 2008. The crisis caused a significant reduction of IT investments and IT spending, especially in the first half of 2009 and some stabilisation was achieved only closer to the end of the year. In 2009 the market was characterised by so-called postponed demand when planned IT investments of many companies were put off until the situation with their business and revenue would become stable.

The article is based on the report “IT market in Russia 2010. Market analysis and development forecasts for 2010-2014”.