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 4