Local IT sector’s revenue grows 56 percent in 2024

ISTANBUL

Türkiye’s information technology sector continues its upward trajectory, albeit at a slower pace, according to preliminary results from the “Top 500 IT Companies in Türkiye” report, the country’s leading industry benchmark.

The 2024 data reveals that total revenue generated by companies in the ranking surged by 56 percent in Turkish Lira terms, reaching 1.1 trillion liras. In U.S. dollar terms, the sector grew by 13 percent, totaling $34 billion.

While the figures confirm sustained momentum since the pandemic-era boom, they also indicate a deceleration in growth compared to previous years.

In 2023, the sector recorded its highest growth rate in four years, with revenues increasing 88 percent in lira and 31 percent in dollars year-over-year.

Commenting on the findings, Özlem Unan, Vice President of Research and Data Services at Bilişim Zirvesi Company, highlighted several key developments. She noted that the fastest-growing company expanded its revenue by 690 percent in lira terms. Additionally, 74 new companies entered the ranking for the first time, and 90 companies achieved growth rates exceeding 100 percent.

Unan also emphasized the remarkable performance of Türkiye’s domestic software industry, which saw a 94 percent increase in revenue compared to the previous year.

“This growth rate, which surpasses the average of companies in the ranking, is promising in terms of Türkiye’s technology export potential and reflects the progress of local R&D,” she said.