This year, Ukrainian IT exports may decline by 6%, according to research findings.

The export of IT services from Ukraine in 2024 is expected to show no growth for the second consecutive year. Even under an optimistic scenario, by the end of 2024, the decline in volumes will be at least 4% compared to 2023. In a pessimistic scenario, this figure could reach 6%. Thus, the total expected revenue will be around $6.3–6.45 billion. Last year, the export revenue amounted to $6.73 billion.

This is discussed in the IT Research Ukraine 2024 study conducted by the Lviv IT Cluster.

The share of IT in the gross domestic product has decreased against the backdrop of GDP growth, now standing at 4.4%. A company that hires one IT specialist creates and maintains 2.8 jobs, compared to 2.7 last year. Overall, the industry has preserved between 663,000 and 668,000 jobs in direct and indirect employment.

Currently, there are 2,118 active verified IT companies in Ukraine, with 47% being outsourcing firms, 31% product companies, and 3% staffing firms. The rest operate under a mixed business model.

It is noted that Ukrainian tech companies continue to open new offices, mostly abroad. Among the 51% of CEOs planning to expand their presence, more than a third wish to do so in another country. The most popular choice for a new location is Poland. Additionally, 6% of CEOs plan to close their offices in Ukraine.

At the same time, despite the challenges posed by the full-scale war, the IT sector remains one of the largest service exporters in Ukraine, accounting for 38% of the overall structure—only surpassed by the food sector.

Background. Earlier, Mind reported that last year, half of the largest IT companies in Ukraine experienced a decrease in revenue compared to 2022.