In case you missed, the 2011 Armenian Information Technology Sector is out. Here are some of the highlights from the report:
- As of 2011, there are 281 IT companies inArmenia. A 61% jump from 2008
- Industry revenues have grown at a 27% CAGR (compound annual growth rate) between 1998 and 2011
- Productivity (measured as output per technical employee) grew 39% since 2008
- The industry employs 6,760 professionals, of which 5,226 are technical
Check out the exponential growth:
- This growth is healthy as it is has attracted attention from international players and is fueling M&A (merger and acquisition) activity.
- Examples of multinational corporations with presence are: Synopsys and National Instruments in the chip and engineering systems designs respectively. In 2011, D-Link International announced presence in Armenia within the scope of the Technopark being built in Gyumri.
- These multinational corporations focus on R&D and the intellectual property developed is distributed worldwide.
- Another source of FDI (foreign direct investment intoArmenia) is the Armenian diaspora. Individual entrepreneurs are increasingly seeking out, and identifying, business opportunities in Armenia.
Industry revenue breakdown (in USD) and export mix for 2011
- Fastest growing sectors per year between 2008 and 2011 are
- Internet services (59%)
- Web design and development (53%)
- IT services and consulting (35%)
The full report and previous versions can be found at: http://www.eif.am/eng/resources/report-on-the-state-of-the-industry/
This post is also available in: Armenian