Valley Cottage, NY -- (SBWIRE) -- 07/01/2020 -- New Regulations and Growing Interest from Foreign Companies to Propel Growth of the Russian IT Software and Service Market

Over the last five years, regulatory guidelines and framework controlling the IT software and service sector in Russia have evolved at a rapid pace. Moreover, at present, the various regulations are playing a key role in influencing the IT software and service market scenario in Russia. The impact of these regulatory norms is reflected on the current and ongoing software development projects wherein strong emphasis is laid down on the protection of personal data in the various information systems. The stringent requirements for the protection of personal data has caught the attention of software engineers in Russia and it is a notable trend that is likely to continue in the upcoming years.

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Digitalization Trend in Russia to Create an Array of Opportunities for IT Services

With a population of around 142 million in 2019, the IT sector in Russia is tipped to be among one of the largest in the world with tremendous scope in the foreseeable future. Further, several studies reveal that around 2025, Russia is expected to have around 124 million internet users – raising significant demand for IT services in the country. Post an economic slump, the Russian economy gradually started showing signs of recovery in 2017 – another factor that is likely to increase the demand for IT software and services within Russia.

Some of the segments within the IT space in Russia that are forecasted to gain significant momentum over the next decade include, software customization, software administration, software maintenance, consulting, and information security services among others. In addition, the flourishing digitalization trend in Russia is expected to boost the demand for IT services in Russia in the upcoming years.

Key Trends within the IT Industry in Russia

Recovering from a sluggish economic scenario, in 2017, the growth of the Russian economy created new avenues within the Russian IT market. In addition, increase in information technology spending in the various sectors including, oil & gas, mining, and the banking sector is likely to create lucrative opportunities for market players operating in the IT software and service market in Russia.

-Some of the notable trends within the IT sector in Russia include, robotic assistance wherein virtual assistants are shaping up to be an essential component as several companies are seeking ways to offer cost-effective and personalized services.
-Further, the advent of Internet of Things (IoT) in the country's transportation, energy, and utility systems is playing a major role in the development of Smart City projects in Russia.
-Import substation is a growing trend in Russia wherein global vendors are being displaced by cutting-edge solutions developed by the Russian Unified Software Register.

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Cloud Service Businesses in Russia on the Rise

The booming e-commerce sector in Russia coupled with the onset of new regulations is playing a key role in the expansion of cloud services in Russia. Further, the recent regulation requires the personal data of the citizens to be stored within the Russian boundaries. In the current scenario, although Russia accounts for less than 1 percent share in the global cloud storage market, the cloud storage sector is currently witnessing significant progress as offshore companies are working with local service providers to safeguard the data.
In addition, non-Russian cloud service companies including Google Cloud have become more active in the Russian IT sphere. Further, reports suggest that Chinese organizations such as Huawei and Alibaba are continually improving their cloud operations in Russia by entering into partnerships with local companies. Although the market share of Russia for cloud services is relatively modest in the current scenario, experts suggest that the share could potentially triple in the upcoming years.

Vendor Insights

The major IT software and services companies in Russia include, JetRuby Agency LTD., SimbirSoft, ITA Labs, Maxilect, Nord Clan, Rocktech and Axmit among others.
Summary: Recent regulatory norms coupled with investments in information technology by various industries is likely to propel the growth of the Russian IT software and services market in the upcoming years.