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As industry researchers, we're detecting two main tendencies in Ukrainian IT by the middle of 2024. These trends are driven by external factors and by organic changes in the digital economy. The need for facing this phenomenon and overcoming its results is crucial.
According to the updated data of the National Bank, in 2023 the IT industry brought $6.7 billion to the Ukrainian economy thanks to the export of its services. This is 8.5%, or $622 million, less than the figure for 2022. The volume of IT exports fell to the level of 2021, when it amounted to $6.9 billion.
Previously, the share of IT in the export of services was constantly growing and in 2022 it amounted to more than 44%, and in the total export of Ukraine - 12.8%. This is evidenced by updated data on the NBU website.
In recent years, there has been a noticeable shift in the distribution between service and product companies within the IT industry. While service-oriented firms continue to thrive, there's a growing prominence of product-centric companies fueled by innovations in software development, cloud computing, and digital transformation initiatives. This evolution reflects a dynamic landscape where companies increasingly leverage technology to create scalable, marketable products alongside tailored service offerings to meet diverse customer needs.