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Russian IT market worth US$17.4 billion in 2008

by Stuart Wilson, Thursday 11 September 2008

The Russian IT market will be worth US$17.4 billion for full year 2008, according to data from the latest report on global IT spending released by the European Information Technology Observatory (EITO). The 2008 market value represents 17.5% year-on-year growth and with a similar increase predicted next year, Russian IT spend will smash through the US$20 billion barrier in 2009.

According to EITO the world IT market is expected to climb 5.2% in full year 2008 to a staggering US$1.34 trillion despite the current economic turbulence. EITO says that business is booming in Russia, India and China with the strongest demand growth stemming from the software and IT services markets. Further global growth of 5.6% is predicted for 2009.

“The weakening trend in the world economy has hardly affected turnover in the high-tech sector,” said EITO chairman Bruno Lamborghini.

Within the EU, the data realised by EITO claims that IT turnover in 2008 will climb 4.2% year-on-year to US$433.3 billion with a similar growth rate predicted for 2009. EITO reckons that the newer EU members such as Poland, the Czech Republic and Romania are driving growth as they play catch-up in terms of IT infrastructure.

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