Moscow IT companies increased their turnover in the first nine months of 2024
The turnover of the Moscow IT sector in January-September 2024 exceeded 3.1 tln rubles. This is 38.2% more than the indicator of three quarters of 2023 in comparable prices, said Maria Bagreeva, Deputy Mayor of Moscow, Head of the Department of Economic Policy and Development of the city.
“The IT sector is one of the most dynamically developing industries. Under sanctions, when some foreign companies restricted access to their products and services, and some foreign IT solutions became unsafe to use, more and more Russian companies are switching to domestic products and services - software, hosting and cloud data storage, corporate email platforms and others. The demand for domestic IT products is growing in all sectors of the urban economy - from trade to logistics, where business processes are being automated and domestic IT solutions are used. The turnover of the city's IT sector for nine months exceeded 3.1 tln rubles, increasing by almost 40% compared to the same period last year”, - said the deputy mayor.
Of this amount, software development and IT consulting companies account for more than 2.1 tln rubles, or 68.4% of the industry's turnover. In the first nine months of 2024, it grew by 36% compared to the same period in 2023.Database creators, as well as hosting providers, web platform operators and other IT companies account for almost one trillion rubles, or 31.6% of the turnover.Compared to the three quarters of 2023, it increased by 43.1%.
Over 84% of the sector's turnover, or 2.6 tln rubles, was provided by large and medium-sized enterprises. Their revenue in January-September 2024 increased by 40% year-on-year. Small enterprises accounted for almost 16% of the industry turnover, or 0.5 tln rubles. This is 29% more than in the first nine months of the last year.
The Russian software register of the Ministry of Digital Development, Communications and Mass Media of the Russian Federation has over 8.8 thousand units of software developed by almost 3.1 thousand Moscow-based copyright holders. This is 38.5% of all software included in the register. At the same time, about 3.3 thousand Moscow software solutions have been added there since the beginning of 2022.
Today, a wide range of regulatory and financial support measures are available to creators and customers of domestic digital products. These include tax benefits and preferential lending, exemption of accredited companies from tax and currency control until the end of 2024, deferment of military service for IT specialists, simplified system of employment and residence permits for foreign employees.
