Over the past several years, employment in the Security Systems Service Activities sector in Cyprus has demonstrated substantial growth. In 2013 and 2014, there was no recorded employment, but by 2016, the sector saw the emergence of 27 full-time equivalent positions. From 2016 to 2023, the sector experienced significant fluctuation in year-on-year growth percentages, with notable increases in 2017 (40.74%) and 2019 (10.81%). Recent years indicate consistent, albeit slower, growth with 2023 witnessing a 7.02% increase, reaching 61 full-time equivalents.
Key trends over the last two years (2022-2023) show moderate growth with stable increments. Furthermore, the compound annual growth rate (CAGR) over the last five years stands at 10.52%, demonstrating robust yearly increases. The forecast suggests a steady rise, projecting 80 full-time equivalents by 2028, with a forecasted 5-year CAGR of 4.24% and an overall growth rate of 23.08% from 2024 to 2028.
Future trends to watch for:
• Advancements in technology and increasing demand for security systems are likely to drive further employment growth.
• Potential market saturation may moderate the growth rate, necessitating diversification and innovation in service offerings.
• Economic factors and regulatory changes may impact the sector both positively and negatively.
