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Soaring Demand from Various Industries to Drive Russian IT Software and Services Market

Article Description

The Russian IT software and services market has been forced into a makeover post
the financial turmoil of 2008. The sector has undergone restructuring and is now much more organized. The IT software and services market has contributed
extensively to the development of the Russian IT industry since the economic crisis.

For almost a decade, the utilization of IT software and services in Russia has been a commanding trend and has resulted in a strong positive impact on the
market. As a consequence, the Russian IT market exhibited a paradigm shift in the form of inflow of technology. Business enterprises and government
agencies are increasingly adapting technologies generally used in domestic and personal settings.

The Russian IT software and services market is witnessing continuous growth owing to demand from several industry sectors such as manufacturing, media and
entertainment, communication, hospitality, banking and financial, and others. As such, the Russian IT software and services market will demonstrate a CAGR
of 7.2% between 2014 and 2020 to be worth US$8628.2million by 2020.

Online Trade to Drive Russian IT Software and Services Market

The growing support offered by the Russian government to e-commerce, e-banking, and other online operations is boosting demand from the IT software and
services market in Russia. Additionally, the influx of newer technologies for cloud computing, enterprise mobility, big data, and predictive analysis will
further fuel growth of the IT market in Russia. Moreover, the new technologies, if introduced, will entail demand for IT software and services from social
networking services and online marketing solutions.

Despite the positive growth indicators, the Russian IT software and services market witnessed a downward curve in 2014. However, analysts at the
International Data Corporation predict that any major economic crisis in the foreseeable future will offer lucrative opportunities for a majority of the IT
software and services providers in the market. In such a scenario, the IT corporations that can adapt to changing market conditions, optimize processes,
and attract other IT enterprises will lead the Russian IT software and services market.

RUSSOFT Instrumental in Directing Russian IT Software and Services Market

In Russia, ‘RUSSOFT’ is a nationwide association consisting of the best software developing corporations in the country. The association’s directives and
policies have been instrumental for companies to expand horizons and have helped the Russian IT software and services market massively. Additionally,
RUSSOFT members receive opportunities for participation in overseas projects and also establish relationships with foreign counterparts that are mutually
beneficial.

Large Multinational IT Corporations to Further Boost Russian IT Software and Services Market

Many large IT corporations across the world are exploring opportunities to venture into the Russian IT market, which is expected to create a highly
promising scenario for the latter. To keep the move unidirectional, a large investment bank in Russia, the BCS Financial Group, outsourced client
requirement and customer interaction services to IBM. The venture between IBM and the Russian bank will help strengthen IBM’s presence in the Russian IT
Software and services market.

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