GlobalLogic eyes Ukrainian IT industry to get $7 bln in export revenues in 2022

MOSCOW. June 1 (Interfax) - The Ukrainian IT industry will be able to maintain results of the 2021 this year, if the present situation does not radically worsen, Ukrainian media quoted Andriy Yavorsky, senior vice president for strategy and technology at the Ukrainian IT company GlobalLogic, as saying during an IT Media Club online meeting on Wednesday.

Yavorsky said that the Ukrainian IT sector received around $6.7 billion in export revenues in 2021, according to the Economy Ministry's reports, and about $2 billion in Q1 2022, according to the IT Association, which indicates that the industry might have grown by 28%-30% year-on-year apart from the well-known events.

"We would have expected that each next quarter would be slightly better than the previous, and in the end, the IT industry would accumulate about $8.5 billion in export revenues this year," Yavorsky said.

"Because of the situation, we could assume that the IT business has dropped by 5%-10%," he said.

The IT business incorporates export-geared and domestic industries, as well as telecoms operators, he said.

Following February 24, Ukraine's export-geared IT industry has shrunk by 5% and the domestic sector even deeper, although it accounted for not that large a market share, he said.

"Roughly speaking, the entire IT industry fell by about 10%. Hence, there was $2 billion and now it is $1.7 billion to $1.8 billion. If everything remains stable, we do not expect the further decrease. But it's still possible, as the flow of new projects is quite weak. If we take a pessimistic look, the industry will generate about $7 billion by the end of the year. However, I still wish to believe that we'll have not $7 billion but $7.5 billion," Yavorsky said.

As reported earlier, GlobalLogic said the number of vacancies on the Ukrainian IT market has halved since February 24.

GlobalLogic Ukraine is the largest national software developer having offices and employing over 4,500 specialists in Kyiv, Kharkiv, Lviv, and Mykolayiv.

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