Tech

In recent years, Armenia has emerged as an important contributor to the global technology market. Despite being mostly surrounded by closed borders, the country’ tech boom has allowed for financial, labor and economic exchanges with other countries. Interestingly, Armenian women manifest especially high participation in the tech labor force, by global standards.

Estimates reveal a thriving ecosystem with approximately 3,000 tech companies, over two-thirds of which are innovative startups. These include two unicorns, Picsart and ServiceTitan. Picsart is a photo editing service platform with a global user base and a valuation of $1.5 billion, while ServiceTitan has transformed the home services industry with thousands of clients and substantial annual subscription revenue.

As of 2021, high-tech accounted for 6% of the nation's total manufactured exports, according to the World Bank. This achievement ranks Armenia as a medium-level exporter of high-tech goods, outperforming regional counterparts like Belarus, Ukraine, Georgia, Azerbaijan, and Uzbekistan.

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