Number of active tech companies in Armenia soars over 18-fold in eight years

The number of companies operating in the technology sector in Armenia reached 12,026 last year, compared to 8,396 in 2024, Minister of High-Tech Industry Mkhitar Hayrapetyan said during a press briefing on February 16.

Citing various indicators in the technology sector over recent years, the minister noted that the figure represents an 18.5-fold increase in active companies since 2017, when there were 650.

“The number of employees in active companies was 15,350 in 2017, 21,541 in 2024, and 41,431 in 2025. This represents a 2.6-fold increase compared to 2017,” Hayrapetyan elaborated.

According to him, the sector’s turnover last year exceeded 1 trillion AMD, compared to 915.8 billion AMD in 2024. Compared to 2017 (306.04 billion AMD), turnover in the technology sector has grown more than 3.2 times.

As of last year, the total volume of sector exports had increased 5.2 times compared to 2017. Specifically, exports were 135.44 billion AMD in 2017, 702.1 billion AMD in 2024, and 711.5 billion AMD last year.