Russian IT Software and Services Market to Grow at Robust 7.2% CAGR from 2014 to 2020, Shedding off Remnants of Global Economic Meltdown

September 3, 2015 Source

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.

This press release was orginally distributed by SBWire

Albany, NY — (SBWIRE) — 09/02/2015 — The Russia IT software and services market is growing at a CAGR of 7.2% from 2014 to 2020. The market’s value by 2020 is estimated to be US$8,628.2 million.

Similar to the technical and IT industries of the world, the Russia IT software and services market was also affected deeply by the economic meltdown in 2008-09. Despite the setback, the market bounced back rather quickly, and now displays a high CAGR.

Browse the full Russian IT Software and Services Market Report: http://www.mrrse.com/russian-it-software-and-services-market

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.

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Last year, however, Russia did express the desire to become independent in terms of technologies used in the Russia IT software and services market. The reasons given for the same included the Snowden controversy and the denial of source codes to Russia by SAP. Russia plans to reduce its dependence on foreign technology by 50% by 2024. One example for the same includes the implementation of Sailfish, an open-source smartphone OS that has replaced the Android and iOS platforms on Russian phones. Russia has indeed announced Sailfish as the official national OS for mobile technology

Approval of the Computer Software Priority Bill

The State Duma’s Information Policy and Communications Committee had announced its support in mid-May to the first reading of the Computer Software Priority Bill. The bill makes it a requirement for entities owned by the Russian state to buy domestic computer software. The bill’s primary aim was to protect the Russia IT software and services market and help Russian IT companies grow faster. It is also aimed at improving the national economy by ensuring a preferential treatment for software created in Russia.

The RUSSOFT Connection

The Russian Software Developers Association involves a cartel of over 70 companies from the Russia IT software and services market. The list of full members of RUSSOFT includes ABBYY Software House, Acronis, Auriga, Inc., First Line Software, IBA Group, and TrueConf. RUSSOFT, headquartered in Saint-Petersburg, is a Russian IT group that lobbies for the promotion of the Russia IT software and services market in the global market. Their involvement in the market’s functioning will create a brighter future for it.

Browse the full Press Release of Russian IT Software and Services Market: http://www.mrrse.com/russian-it-software-and-services-market-report

The top players, both global and regional, operating in the Russia IT software and services market are Asteros, SAP, IBM, I-Teco, IBS Group, Oracle Corp., Microsoft Corporation, HP Company, and LANIT Group. Each company has a definitive role in the Russia IT software and services market, thereby creating a diverse yet nationally integral scenario for the IT scene in Russia.

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Published on 03 September 2015 by Digital Journal
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