Analysts and market participants provide a forecast for the development of Ukraine’s IT sector in 2024.

Last year, for the first time in history, the Ukrainian IT industry has experienced a reduction in the volume of its service exports, to $6.7B, which is 8.5% or $622M less than the figure for 2022.

Among the obstacles to the development of Ukrainian IT, specialists often mention the draft law on mobilization, problems with reservations, and obstacles for business trips abroad. They also talk about the global economic slowdown and the cautious attitude of foreign customers to Ukraine.

According to market players, the difficult situation in global markets will continue in 2024.

The Kharkiv IT cluster noted: “Forecasts for 2024 range from a positive scenario with a plateau to a negative scenario with a drop of 10%-12% based on the year’s results.”

On the other hand, EPAM Ukraine says that this year’s most likely scenario for the IT industry is to maintain the volume of export IT services at 2023’s level.