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Government Initiatives to Push Market Growth of Russian IT Software and Services


Report Description

The Russian IT software and services market has completely restructured itself and has evolved significantly after the financial crisis of 2008. The IT software and services market has contributed enormously in the growth of Russian IT industry. The IT software and services market of Russian is anticipated to exhibit progressive 7.2% CAGR through the forecast period and touch US$8628.2 million by the end of 2020.

The consumerization of IT software and services has been a dominating trend since a decade, which has reported a positive and massive impact on the Russian market. Due to which there has been a paradigm shift in the manner of influx of technology. Businesses and governments are adapting to the ‘consumer market’ technologies that people use in their home or in their personal space.

One of the greater reasons for the comeback of the Russia IT software and services market is government intervention. The Russian government stepped up the initiatives and incentives it offered for the nation’s IT sector, creating a firm base for the Russia IT software and services market to launch itself from
Mixed Feelings for Global Players in Russia
Major IT companies such as SAP and IBM are introducing the Russia IT software and services market to big data analytics and mobility. Their implementations are likely to boost the Russia IT software and services market at a faster rate by improving the technologies used and creating healthy competition. The Russia IT software and services market can provide increasing support to the nation’s sectors of manufacturing, media and entertainment, communication, and banking.

Scope

The market is expected to register a strong growth of 7.2% in its CAGR during the projected period to reach US$ 8,628.2 million by 2020. Both the IT software and services segments made considerable contribution to the overall growth of Russian IT market in the European region. Increased e-government and e-banking initiatives by governments and banks are some of the prominent factors driving the demand for IT software and services in Russia. Also, introduction of new technologies for enterprise mobility and big data analytics by key players such as IBM, SAP and IBM are expected to boost the market growth, thereby increasing competitiveness in the market. The banking, communication, media and entertainment, and manufacturing sectors owe a significant contribution to the Russian IT software and services market.

Key Players

Key IT trends, development and technology adoption in Russia and across all the verticals
Market value and forecast by IT software & services, and verticals
Relative market attractiveness by verticals and position of IT software and services providers by industry presence and product portfolio
Russian IT software and service provider landscape and recommendations for market players

About MRRSE

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Complete Report with TOC Here

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Tags: IT, Market, Russian, Services, Software, and, growth

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