Even though most of the world’s industries have struggled to meet the challenges that Coronavirus has flung their way, there is one industry that has actually benefited from it – the IT industry. Right now, Ukraine is the world’s leading outsourcer of IT (Information Technology).

As per a recent report from Outsourcing Journal, Ukraine is the number one IT outsourcing destination in the world. It was also listed as one of the top twenty offshoring destinations within the Europe, Middle East, and Africa (EMEA) region.

Because of these two positions, Ukraine is viewed as a technological hub, within which the IT industry is gaining strong momentum. Currently, there are around 4,000 Ukrainian technology companies on the market. Most of them specialize in research, testing, application support, and development.

The Ukrainian IT industry is growing annually at a rate of 26%, making it a global hotspot for both international outsourcing opportunities and native market growth. International market-watchers have even gone so far as to say that Ukraine is the main driving mechanism of the national economy.

These speculations are not unfounded. In fact, a 2021 Ukrainian Market Report claims that the IT industry’s contribution to the Ukraine’s GDP has gone from 0.8% to 4% due to the rapidly growing exportation of technological services.

While other economies and businesses around the world have suffered badly from Coronavirus-inflicted issues, Ukraine’s IT industry is positively booming. Here are some reasons why Ukraine is the best place in the world to be if you’re looking for high quality IT work:

  • Low taxes and wages

One of the many things that makes Ukraine such an attractive destination for outsourcing IT work is the low taxes, which sit at only 5%. Ukrainian IT workers are not only prepared to perform well for less compensation than workers from other countries are, but the low tax rate makes for an exceptionally attractive outsourcing trade.

  • High quality work

Around the world, Ukrainians are known for their strong work ethic and commitment to producing high quality work. Tech giants like Google, Oracle, Huawei, Amazon, and Samsung have all utilized Ukrainian R&D (Research and Development) centres for tech support.

Famously, software product company People.ai increased its core value from $400 million to $1.1 billion in just three years after creating offshore offices in Ukraine.

  • Large pool of specialists

The driving force behind Ukraine’s high success level in the IT field is the huge pool of tech talents that are available.

While the rest of the world is still catching up, Ukraine is seeing a continuously growing number of tech graduates – by recent estimates, bringing in 16,000 new coders each year who develop everything from apps to the games at onlinegamblingcasino.co.nz/No-Deposit-Bingo.

By 2030, that number is expected to reach as many as 37,000 per year. The tech education available to young Ukrainians is thorough and cutting edge, allowing for a strong grasp of the industry from an early age.

Javascript is currently considered the most popular coding language in Ukraine, followed closely by Python and Typescript. Ukrainian IT workers have a reputation for being organized, efficient, and extremely hardworking.

To top it all off, around 70% of Ukrainian tech talents are proficient in English, making it easier for them to collaborate and communicate with foreign companies. The future of the Ukrainian IT industry is unquestionably bright.