The number of IT companies in Ukraine has grown by 41.1% over the past decade, according to a new study by AIN “Top Companies, Exports, Startups and the Most Demanded Tech Stacks. How the Ukrainian IT market has changed from 2014 to 2024”. While in 2014 there were 5633 companies in the country, in 2024 there were 7977. The average annual growth rate was 4.5%.
The market developed most dynamically in 2017-2019, when the average annual growth rate reached 14.7%. However, the COVID-19 pandemic slowed the pace: in 2020, the number of companies increased by only 4.6%, and in 2021 - by another 4.6%.
The biggest drop in all 10 years occurred after the start of russia's full-scale invasion: In 2022, the number of IT companies decreased by 25.7%. At the same time, the recovery began in 2023, when the market grew by 21.25%, but did not reach the level of 2021.
AIN shares the highlights of the research. The full study is nearly 120 pages and is already available in the Ukrainian language. The version in English is available here.
As of 2024, the number of IT companies has hardly changed, increasing by only 0.4%. Currently, the figures continue to be lower than in 2019 and 2021.
Revenue of the top 10 Ukrainian IT companies
Revenue dynamics of the top 10 Ukrainian IT companies for the period 2013-2023 (in millions of dollars), based on financial statements submitted to the YouControl analytical platform.
The amounts were converted at the historical rate of 31.12 of each respective year.
Share of individual entrepreneurs employed in Ukrainian IT
The share of private entrepreneurs among all business entities in the IT sector has been growing steadily since 2014 and has now risen to 83.45%.
The largest number of private entrepreneurs are in the following types of profession:
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62.01 Computer programming;
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62.02 Consulting on informatisation;
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63.11 Data processing, posting information on websites.
The number of employees in 2023 was 321,500, of which 268,300 were private entrepreneurs.
In 2015, the number of employed individual entrepreneurs decreased by 4100 people, or 4.2%. The growth rate also slowed down in 2022-2023.
