Development Trends of Information Technology Industry in Armenia

Abstract

This article presents the current state of Information Technology (IT) industry in Armenia where this industry is considered one of the major forces behind economic development and growth. It presents an overview of the IT industry in Armenia as well as spreads light on major elements behind its development. Nowadays, many Armenians choose this discipline due to the high income, mobility and the multitude of job opportunities it offers. Over 17,000 specialists or 2.5% of the total employed work in this sector with an average annual salary of about 12,000 USD. Due to infrastructure development, the number of IT companies has grown in other parts of the country. Armenia-based IT companies specialize in software development, semiconductor design, multimedia and web design. The steady growth of the IT industry increasingly attracts new players. Investors acknowledge Armenia as a hotspot for high-quality IT product development and start-ups. However, some disadvantages still remain, including disintegrated regional ecosystem, lack of financing, and corruption.