Key regions: Brazil, Germany, United Kingdom, Netherlands, China
Armenia, a small landlocked country in the South Caucasus region, is gradually becoming a hub for IT outsourcing services.
Customer preferences: Armenia's IT industry has been growing rapidly in recent years, and the demand for application outsourcing services has been on the rise. Companies are increasingly looking for cost-effective solutions to manage their IT infrastructure, and outsourcing has emerged as a viable option. Additionally, the country's skilled workforce, proficiency in English, and favorable time zone make it an attractive destination for outsourcing services.
Trends in the market: The application outsourcing market in Armenia is witnessing several trends. Firstly, there is a growing demand for cloud-based solutions, which offer greater flexibility, scalability, and cost-effectiveness. Secondly, there is an increasing focus on automation, which is helping companies reduce costs and improve efficiency. Thirdly, there is a shift towards agile methodologies, which enable faster development, testing, and deployment of applications. Finally, there is a growing trend towards outsourcing non-core activities, such as application maintenance and support, to specialist providers.
Local special circumstances: Armenia's IT industry is supported by several government initiatives, including tax breaks and subsidies for IT companies. The country has a well-established IT education system, with several universities offering IT-related courses. Additionally, the country has a thriving startup ecosystem, which is generating innovative ideas and solutions. These factors have helped create a favorable environment for the growth of the application outsourcing market.
Underlying macroeconomic factors: Armenia's economy is heavily dependent on remittances from Armenians working abroad. However, the country's IT industry has emerged as a key driver of economic growth in recent years. The government has recognized the importance of the IT industry and has taken several steps to support its growth. Additionally, the country's strategic location, at the crossroads of Europe and Asia, makes it an attractive destination for IT outsourcing services. Overall, the application outsourcing market in Armenia is expected to continue its growth trajectory in the coming years.
Data coverage:
The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
