Just a day ago, the market research and consulting agency Frost and Sullivan held a webinar on Russian ICT industry development. The content of the webinar and the findings on the Russian ICT market development symbolize a new era in understanding the country and speak highly of Russia's latest economic achievements.
Frost and Sullivan researches reviewed the general market situation in Russia as well as the Telecommunications and the IT markets in particular.
The key findings could be best expressed by the quote from the Frost and Sullivan press-release:
"The ICT industry is the fastest growing industry in Russia and one of the most buoyant, dynamic and diverse in the world. Russia is currently in its fourth consecutive year of high double digit growth and is poised for a period of boom from 2007-2010. The country is well in the process of upgrading requisite infrastructure, and making legal and policy provisions for its ICT industry."
Moreover, Russia is considered as a politically stable country, with the most promising economic outlook in the CEE region. Being the 12th largest economy in the world, Russia demonstrates high growth and not only in the oil and gas export sector. The ICT Industry is growing fast and has reached the size of $30.62 billion in 2006, demonstrating a five-year CAGR of 21.8%.
The IT sector is becoming more mature and the growth pace by segments - has changed. IT Services are getting more and more important, diminishing the share of Hardware (32.5% and 56.5% of the IT market size, respectively).
IT Export is growing fast, so Russia is ranked 7th in the volume of outsourcing contracts globally. This makes us believe that Russia will achieve its goal of becoming the 3rd largest outsourcing destination by 2010.
The IT industry is well supported by the government, years 2005 and 2006 are marked by unprecedented government attention and several major supportive steps – taxation breaks, legislation and special development projects.
"Vladimir Putin can be credited with bringing unprecedented focus to the development of the Russian IT industry. A vast labor pool, low labor costs and a thorough education system are the biggest advantages for the Russian ICT industry," says Frost & Sullivan ICT Team Leader Farheen Pasha.
"The Russian Government is working toward transforming its role -- from being considered as a weakness into becoming one of the chief promoters of the Russian ICT industry."
There are no comments for this entry.
[Add Comment]