YEREVAN. – In 2015, the information technology (IT) companies’ turnover in Armenia has increased by 21 percent and totaled  $425.5 million. 

The abovementioned is noted in the Armenia IT sector research, which the Enterprise Incubator Foundation of Armenia has made public.

Accordingly, from 2010 to 2015, the IT sector in the country grew by an annual average of 20.1 percent. The local IT companies’ share in the total turnover increased by 45 to 50 percent in one year.

Close to 450 companies, or 12 percent more than in 2014, operate in this domain in Armenia. This is largely contributed by the fact that small startups in the country have been exempt from virtually all taxes. As a result, approximately 60 small IT companies were established in the year past.

A total of 64 percent of these 450 companies are with Armenian capital.

The annual turnover of 44 IT companies in Armenia exceeds $1 million, and they account for more than half of the total revenues in this industry in the country.

Virtually half of the IT companies in Armenia have a turnover between $100 thousand and $1 million.