Sectorial Brochure IT Sector of Armenia/ BA | Page 5

DOMESTIC MARKET
£ Domestic market was worth about $426.5 million in 2017
£ The average annual growth of ICT industry was 20.6% between 2014 and 2017
£ There were 650 companies, of which over 200 foreign ones in 2017
Competitive labor force
£ The ICT sector employs more than 15.000 professionals. The majority of technical
specialists are engaged in the Software and Services segment, while the rest works
in Telecommunications
Average monthly salary in IT sector
Source: Enterprise Incubator Foundation 2017
AVERAGE HOURLY LABOR COST IN THE ICT SECTOR IN 2016
ARMENIA COMPARED WITH THOSE OF WORLD’S TOP ICT SECTOR EXPORTERS
82.5$
Switzerland*
57.2$
Sweden
USA 53.5$
France 53.2$
Germany
48.7$
47.9$
Irland
44.9$
Netherlands
United Kingdom
39.3$
9.3$
China
India* 5.4$
Armenia 4.5$
Average 44.2$
Source: International Labor Organization & National Bureaus of Statistics
* Latest available data
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