Key Market Indicators
The Cypriot software industry is projected to see a significant boost in revenue, reaching approximately €7.9 billion by 2028. This marks a substantial increase from the €4.3 billion recorded in 2023, reflecting an average annual growth rate of 9.5%. Since 2013, the Cypriot software market has experienced remarkable expansion, growing by 39% each year. In the latest rankings for 2023, Cyprus secured the fourth position, with the United Kingdom slightly ahead at the same revenue mark of €4.3 billion. Sweden and the United Kingdom took the second and third spots, respectively, in this sector's rankings, underscoring the competitive landscape in Europe's software industry.