It’s been about four months since the war in Ukraine started. Over 10 million people have been displaced to safer locations in Ukraine, including IT professionals and their families. The crucial trait for every business and every industry is the ability to adapt to undefined situations. The recent study provided by the Ukrainian association of IT development companies reflects the ability of the industry to adapt and grow despite the war. We assembled the most profound takeaways from the report and the market situation overall in the infographic below to show you an outlook on and the prospects for the Ukrainian IT industry in 2022.
Key insights
Before 2022, the Ukrainian IT industry grew by about 30% every year. In 2021, this figure increased from $5 billion to $6.8 billion in exports, with the number of specialists growing from 244,000 to 285,000. During the first months of the war, the vast majority of IT companies (84%) maintained their contracts and even signed new partnerships (77%).
IT company leaders are actively taking part in defense at the economic and intellectual frontiers. Direct tax revenue generated by Ukrainian software development companies was about $782 million. Estimations show that in 2022, 80% of this sum is likely to be matched, which will provide solid financial support for a country.
Meanwhile, IT specialists donate to local charity funds that transfer the money to defense. Overall, they donated $27 million in the first two months of the war and continued supporting the Ukrainian army and humanitarian needs.
Techstack case
In 2021 and at the beginning of 2022, we expanded the teams rapidly and built a foundation to tackle more extensive future growth. The same load factor helped us to withstand the heartbreaking events at the beginning of the war and thereafter. We helped our teams to reach safe places and find a stay there, yet did our best to provide every development engineer with the necessary conditions for smooth remote work (read more about it in this article). Some of our members volunteered for defense and helped the army with their supply needs: tactical medicines, helmets, cars, gadgets, etc. Also, we’re currently working on creating comfortable coworking spaces in safe locations in Ukraine and neighboring countries for our teams.
We are genuinely grateful to companies around the globe for their support and for making a solid impact on our victory! Thank you for limiting your services to institutions and subjects that support aggression against Ukraine. Thank you for every cent donated to save our lives and homes. Thank you for hiring Ukrainian people and giving them an opportunity to build up their destroyed lives from scratch. Your support inspires us to try harder and not to let you down.
Sources
- Ukrainian IT Industry: Reboot in Wartime: https://itukraine.org.ua/en/ukrainian-it-industry-reboot-in-wartime.html
- Employ Ukraine Organization: https://employukraine.org/press/
- Developers of Ukraine (DOU): https://dou.ua/lenta/articles/job-market-during-wartime/
Summary
Every voice matters. By sharing the information about the war in Ukraine, hiring or hosting Ukrainians, and making decisions to support Ukraine, you lead the defense of democracy by example. We keep going and growing, but need your help to win. Our frontier is to do what we do best – contribute our technical expertise to the global community and build products with the users in mind.
Let’s talk if we can help you with your specific challenges!
