The Tech Sector in 2024: Separating Facts from Fiction
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The Tech Sector in 2024: Separating Facts from Fiction

Alpha
20/03/2024
In recent months, we've seen panicky headlines about the ‘IT sector’s demise’, а ‘tech bubble burst’, ‘the end of the developer role as we know it’. Need we go on? It’s understandable if in this media environment you’re asking yourself what will happen to Bulgaria's tech industry. 

Here we’d like to set the record straight. For 14+ years, we’ve had a front row seat (and have played a major role) in the growth and development of the tech sector in Bulgaria. So, we have a lot of context and first-hand experience. And the truth is that - yes, change is underway, but it is not the negative scenario painted by pessimistic headlines. We see it rather as a positive change. “Why?“- you may wonder. Because our view is that now we’re going through a reset; a reset that was needed to switch from the most recent trajectory to a more sustainable, stronger and more resilient path of development, placing an emphasis on quality - of talent, of products, of doing business and as a R&D center on the global tech map. 

Let’s look at the facts 

Тhe IT sector continues to grow in 2024 and will continue to grow exponentially faster than all other industries – this is a fact. 

Over the past few years Bulgaria's IT industry has experienced a boom. This surge is not only a result of the widespread digitalization of businesses, but also to the digital pandemic and post-pandemic reality. This success was further amplified by the availability of cheap capital, making 2021-2022 some of the most prosperous years of not only the global but also the local tech sector, with a remarkable 20-25% growth of the latter. 

And with a 12% growth in 2023, the IT industry retained its key role in the Bulgarian economy. The software industry, primarily through the export of services and products, accounts for over 4.5% to Bulgaria's GDP.  

Looking ahead to 2024, forecasts remain optimistic, with expected growth of around 11-12%, far outpacing the forecasted 1.9 -3% growth of the Bulgarian economy. The IT sector will stand as Bulgaria's economic powerhouse, charting an upward trajectory with resilience.   

How does this affect the job market? 

What's really happening is a rightsizing of the market, both for companies and their employees. With borrowing becoming more challenging, businesses are returning to a more balanced approach, focusing on sustainable growth rather than unsustainable expansion. 

This normalization of the sector began in 2023 and we are happy that our graduates are starting their careers at a pace very similar to the previous two years - 80% of our graduates started their careers within 6 months after graduation! 

In simple terms, companies are now hiring based on organic need and long-term value, rather than just to show growth. Quality over quantity is becoming the new mantra. Great news for us and our graduates – because of our well-known fanatical focus on quality, our graduates have a remarkable competitive advantage over other job seekers.  

Should you consider a career in IT?  

Yes, yes and yes! The IT industry will continue to play a key role in the global economy, the digital transformation of most businesses is yet to happen, and it is digital talent that is going to power it. In Bulgaria in particular, in 2024 6,000 new tech workers will be needed.   

The future is digital and there is no turning back. According to a study of the Bulgarian Ministry of Labor and Social Policy and the Confederation of Independent Trade Unions in Bulgaria, 2/3 of enterprises rate their level of digitalization as “average”. In other words, many opportunities await not just in the tech sector, but in many different sectors like production, commerce, financial services, outsourcing, etc. 

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So, what’s stopping you from making your most important career step today? Don’t know where to start - we have plenty of Alpha programs to choose from. Or have zero experience – nothing to worry, we are here to help with your first lines of code
Alpha
20/03/2024

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