Software - Ukraine

  • Ukraine
  • Revenue in the Software market is projected to reach US$3.48bn in 2024.
  • Enterprise Software dominates the market with a projected market volume of US$1.40bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 41.50%, resulting in a market volume of US$13.95bn by 2028.
  • In global comparison, most revenue will be generated in the United States (US$353.50bn in 2024).

Key regions: United States, Canada, Germany, China, Japan

Region comparison

Analyst Opinion

Software development has become a booming industry in Ukraine, with the country's IT sector growing at an impressive rate. The demand for software services has been on the rise, and Ukraine has positioned itself as a key player in the global software development market.

Customer preferences:
Ukrainian software development companies have become popular with clients around the world due to their high-quality work and competitive pricing. Many clients prefer Ukrainian firms because of their ability to deliver projects on time and within budget. Additionally, the country's large pool of highly skilled developers, many of whom have advanced degrees in computer science, has made it an attractive destination for software development outsourcing.

Trends in the market:
One of the most significant trends in the Ukrainian software market is the growing demand for artificial intelligence (AI) and machine learning (ML) solutions. As companies around the world look to automate their processes and gain insights from data, they are turning to Ukrainian firms to develop custom AI and ML applications. Another trend is the rise of blockchain technology, with Ukrainian companies developing solutions for a range of industries, including finance, healthcare, and logistics.

Local special circumstances:
Ukraine's software industry has benefited from a range of local factors, including a well-educated workforce, a strong engineering culture, and a favorable business environment. The country's IT sector has been supported by government initiatives, including tax breaks for software development companies and investment in technical education. Additionally, Ukraine's location at the crossroads of Europe and Asia has made it an attractive destination for companies looking to outsource software development.

Underlying macroeconomic factors:
The growth of Ukraine's software industry has been driven by a range of macroeconomic factors, including the country's low labor costs and favorable exchange rates. Additionally, the country's political stability and proximity to Western Europe have made it an attractive destination for foreign investment. Ukraine's software industry has also benefited from the country's large pool of highly skilled engineers, many of whom have been trained in top technical universities in the country. As the global demand for software development services continues to grow, Ukraine is well-positioned to capitalize on this trend and continue to expand its IT sector.


Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.


  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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