The IT industry in Armenia has grown rapidly in recent years, with 450 companies in 2015, a 12% increase from 2014, generating $560 million in revenue. However, the industry faces challenges in developing sufficient IT talent to sustain its growth. There is an annual shortage of around 2,000 specialists, as only around 45% of the approximately 900 IT graduates each year consider careers in the sector. The government and organizations are working to address this skills gap through educational initiatives and technology centers that provide training programs tailored to industry needs. The startup financing ecosystem in Armenia is also developing through accelerators, incubators, grants and venture funds to support entrepreneurship and innovation in the IT sector.