Romania’s software industry has continued to grow and the turnover of the sector is expected to reach a new all-time high of over €9.2bn (+11% y/y) this year, according to a report published by the economic data processing platform KeysFin.

The industry grew by about 10% last year compared to 2019 and was 250% above the level of 2010, exceeding the threshold of €8.3bn, according to data from the Ministry of Finance compiled by KeysFin.   

In 2020, almost 27,000 software companies were active in Romania, 9% more than in 2019 and 104% more than in 2010.

The largest local software company by turnover in 2020 is IBM Romania (€168mn), followed by Bitdefender (€178.5mn). KeysFin “doesn’t rule out” that UiPath (Romania) — which hasn’t published yet its 2020 results — turned into the new leader of the local software market in terms of turnover

The 10 largest companies in the industry accumulated a turnover of approximately €1.4bn, or 16.4% of the total.

The share of the software companies in the total IT&C sector, by turnover, increased from 32% in 2010 to over 57% in 2020 due to the much faster advance of the software segment. The software segment’s turnover soared 3.5 times while that of the IT&C sector as a whole only doubled compared to 2010.

At the level of the total turnover generated by Romanian non-financial companies, the share of the software industry increased from 1.1% in 2010, to over 2.4% of the total in 2020. 

The aggregated net result of the Romanian software companies reached nearly €1bn in 2020, 3.5% more than in 2019 and more than six times more compared to 2010. Also, in 2020, the software companies generated 77% of the net result recorded by the entire IT&C sector and 4.6% of the net result of all non-financial companies in Romania.