Russian IT Software and Services Market to Witness Sluggish Growth, as Pandemic Halts New Projects- Future Market Insights

Major IT software and services producers in Russia are pushing to adopt new telecommunication and cloud technologies to reduce IT and communication expenses during and after the pandemic.

DUBAI, UAE / ACCESSWIRE / August 25, 2020 / The Russian IT software and services market is expected to witness a substantial decline in growth throughout the duration of the coronavirus outbreak. Cancellations or delays of new orders, and concerns over employee health safety during the pandemic are key factors, negatively impacting market growth. The slowdown of the Russian economy will hurt small and medium IT enterprises substantially.

“The Russian IT sector is witnessing a transition to software-as-a-service (SaaS), which reduces upfront costs and bolsters access. Consequently, purchasing power of IT consumers goes up. Major manufacturers are also increasingly preferring SaaS business models as the industry shows interest in open source and cloud computing software,” says the FMI analyst.

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Russian IT Software and Services Market – Key Takeaways

Cloud services are highly popular in the Russian IT software and services market, supported by growth of e-commerce activities.
Virtual assistant tools are rapidly gaining traction, aided by the widespread penetration of smart devices in the region.
IoT applications are gaining ground as Russia invests in Smart City projects including energy, utility, and transport applications.
Western Russia is a key hub in the IT software and services market, aided by the presence of key developers.

Russian IT Software and Services Market – Key Driving Factors

Favorable regulation frameworks controlling the Russian IT software and services market is a major growth factor.
Widespread penetration of internet services in the region bolsters adoption and development rates.
Advances in IoT and cloud services are key factors aiding growth of Russian IT market players.

Russian IT software and services Market – Key Constraints

Widespread cost cutting by clients for IT services is a major restraint on revenue growth.
Slowdown of the Russian economy hinders critical market developments.

The Anticipated Impact of COVID-19

Across the Russian IT software and services market, the coronavirus pandemic has resulted in suspension of key decision-making activities in addition to cancellation of development and service contracts. Regional and international travel restrictions are also expected to hold back market developments in the near term. Economic uncertainties will influence the market throughout 2020. Gradual recovery is likely in 2021 as business restrictions are relaxed.

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Competition Landscape

Major players in the Russian IT software and services market include but are not limited to I-Teco, Microsoft Corporation, Asteros, Oracle Corp., Compulink Group, SAP SE, LANIT Group, IBM Corp., Hewlett Packard Company, and IBS Group. Leading players are focusing on long term service contracts to sustain revenue. For example, BestPlace is providing Malaysian retailers software services from 2020.

More About the Report

The FMI’s market research report offers detailed insights on IT software and services market. The market is scrutinized on the basis of product type (software and services), across four key regions (North, East, South and West).

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SOURCE: Future Market Insights

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