Introduction

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.