Ukraine’s IT industry is a driving force in the country’s resurgent economy and it is diverse; from cutting edge work in AI, cyber security and nano technologies to to highly commercial ventures in blockchain, FinTech, big data management, gaming, agribusiness and e-commerce, investment opportunities exist.
Conservative estimates place the number of IT specialists in Ukraine at over 90,000 and this figure is expected to double in the next 3 years. Ukraine has the largest and fastest-growing number of IT professionals in Europe and the country’s universities and polytechnic institutes graduate over 100,000 new engineers annually.
Ukraine has over 1,000 local IT service companies and more than 100 leading global companies with subsidiaries in the country. The International Association of Outsourcing Professional’s (IAOP) 2017 ranking of top tech firms, “The Global Outsourcing 100” included 13 information technology companies in Ukraine.
The list includes Ciklum, EPAM, Intetics, Luxoft, Softjourn and TEAM International Services, all of which have R&D centers in Ukraine. The six local Ukrainian firms are Eleks, Miratech, N-iX, Program-Ace, Sigma Software, Softengi and SoftServe.
Most global companies have based their subsidiaries in Kyiv, however Kharkiv, Odesa, Dnipro, Lviv and Vinnytsia are all developing as centers of IT activity.
The impact of IT’s growth on Ukraine’s economy has been dramatic with the combined value of such outsourcing now exceeding $2.5 billion on an annual basis (2015). IT outsourcing is Ukraine’s third largest export sector.
Ukraine is also concentrating on creating favorable conditions that would allow IT entrepreneurs to expand further into domestic markets. The opportunities for combining IT skills with such sectors as agriculture, aviation and medicine are just a few examples of the future directions that Ukraine is beginning to grow.
Ukraine’s IT sector offers foreign investors highly skilled experts, competitive salaries, quality education and English proficiency – all of which will contribute to the growth of this dynamic sector.
The Ukrainian Venture Capital Association published its 2017 Guide to “who is who” in VC in Ukraine; for those looking to get an overview of where the money has been going, this is a place to start. UVCA – Investors Book 2017 (2 edition)