Experts have estimated the volume of the Russian IT market by the end of 2024

By the end of 2024, the volume of the Russian IT market will reach RUB 3.3 trillion, and its share in Russia's GDP will amount to 1.8%. Such data was presented by experts of MTS Web Services (MWS), a part of MTS Group, based on the results of the analytical study "Prospects of the IT market 2024".

According to MWS estimates, the volume of Russia's IT market grew from 1.4 trillion rubles in 2019 to 2.7 trillion rubles in 2023, while its share in the country's GDP during this period increased from 1.2% to 1.6% in 2023. By the end of 2024, the market volume will grow by 22%, experts have calculated.

Experts considered Software to be the largest vertical in the IT market - in 2023 its share amounted to 41%, and in 2024 the figure will increase to 44.3%.

They attribute the positive dynamics to the reduction in the share of the Hardware vertical - according to forecasts, it will decrease from 24.3% in 2023 to 22.7% in 2024, as well as IT-Services - there is a decrease from 34.7% in 2023 to 33% in 2024.

In absolute terms, the Software vertical showed growth from 420 billion rubles in 2019 to 1.1 trillion rubles in 2023, and in 2024 its volume will amount to 1.5 trillion rubles.

The Hardware and IT-Services verticals grew by 14% over five years. The volume of IT-Services amounted to RUB 929.6 billion in 2023, and will reach RUB 1.1 trillion in 2024.

The Hardware vertical increased to 649.9 billion rubles by 2023, and its volume will grow to 743.5 billion by the end of the year.

As Igor Zarubinsky, Vice President for Infrastructure Development at MTS, noted, "at the end of 2024, the Russian IT market demonstrates qualitative growth in all key segments." Companies-developers and suppliers of IT solutions "have successfully adapted to the new market reality", he pointed out. Zarubinsky drew attention to the fact that "proprietary platform solutions are being actively developed and strategic partnerships are being concluded". In addition, IT companies are actively planning IPOs, he added.