Key Market Indicators
The export of IT services from Cyprus is projected to soar to approximately €8.3 billion by 2028, up from around €5 billion in 2023. This represents an annual compound growth rate (CAGR) of 7.8%. Since the turn of the millennium, Cyprus's IT services supply has been on a remarkable upward trajectory, surging by 21.9% annually. In the global rankings for 2023, Cyprus secured the 22nd spot, with Estonia narrowly surpassing it at the same €5 billion mark. Leading the rankings were France, the United Kingdom, and Italy, occupying the second, third, and fourth positions, respectively.
