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Key regions: Netherlands, United States, Japan, Germany, Italy
Armenia, a small country located in the South Caucasus region, is gradually becoming a hub for IT outsourcing. With its well-educated workforce and favorable business environment, the country has attracted many international companies to outsource their IT projects to Armenian firms.
Customer preferences: Armenia's IT outsourcing market has gained popularity among European and American companies due to its strategic location and cultural similarities. Additionally, Armenian IT firms are known for their high-quality work, competitive pricing, and timely delivery. Customers also appreciate the availability of a wide range of IT services, including software development, web design, and mobile app development.
Trends in the market: One of the key trends in Armenia's IT outsourcing market is the increasing demand for artificial intelligence (AI) and machine learning (ML) services. The country's IT firms are investing heavily in these areas to meet the growing demand from customers. Another trend is the rising popularity of cloud computing services, which are being used by many Armenian IT companies to provide cost-effective solutions to their clients.
Local special circumstances: Armenia's IT outsourcing market is supported by the government's efforts to promote the country as a destination for IT investment. The government has implemented various initiatives, such as tax breaks and subsidies, to encourage foreign companies to invest in the country's IT sector. Additionally, Armenia's membership in the Eurasian Economic Union (EAEU) has opened up new markets for the country's IT firms.
Underlying macroeconomic factors: Armenia's IT outsourcing market is benefiting from the country's stable macroeconomic environment. The government has implemented various reforms aimed at improving the business environment and attracting foreign investment. Additionally, Armenia's membership in the World Trade Organization (WTO) has facilitated trade and investment in the country. The country's low labor costs and highly educated workforce also make it an attractive destination for IT outsourcing.
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)
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