The Russian IT software and services market has completely restructured itself and has evolved significantly after the financial crisis of 2008. 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.
The consumerization of IT software and services has been a dominating trend since a decade, which has reported a positive and massive impact on the Russian market. Due to which there has been a paradigm shift in the manner of influx of technology. Businesses and governments are adapting to the ‘consumer market’ technologies that people use in their home or in their personal space.
In 2014, the demand in the Russian IT software and services market has exhibited a downward trend. However, the analysts of International Data Corporation state that even if there is a major economic downturn in the near future, it will furnish the biggest opportunity to many IT software and service providers. The IT companies which have the capabilities to adapt quickly to the changing market and attract new IT enterprises and optimize innovative processes to earn high profits.