Russian IT Sector Revenue Witnesses Surge
(MENAFN) Over the past three years, Russia’s information technology sector has witnessed an almost twofold increase in earnings, as growing local demand boosts business performance.
A report released on Tuesday by Smart Ranking revealed that the industry's total revenue has surpassed USD80 billion, highlighting the rapid expansion within the domestic market.
According to the study, the joint turnover of the 100 largest IT enterprises in Russia has soared by 95 percent since 2022, amounting to 6.7 trillion rubles (equivalent to USD83.1 billion).
The majority of this growth stems from a small group of dominant players — the ten leading companies — which together contributed 70 percent of the sector’s total income, or 4.6 trillion rubles (USD57 billion).
Prominent names among these top performers include "Yandex", the country’s most influential tech conglomerate, "VK", a major social networking site, and "Rostelecom", a telecommunications provider under state ownership.
"Yandex" experienced a 110 percent boost in revenue, achieving 1.95 trillion rubles.
Meanwhile, "Tinkoff Bank" saw a dramatic 163 percent increase, climbing to 962 billion rubles.
The online marketplace "Wildberries" also reported significant growth, with an expansion of 108 percent, bringing its total to 657.5 billion rubles.
Even the smallest of the top ten, ICS Holding, saw its revenue escalate by 198 percent to reach 140 billion rubles.
Smart Ranking clarified that these statistics only encompass income derived from digital offerings and services.
The figures do not include earnings related to physical equipment, in-person business operations, or other unrelated revenue sources.
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