ICT market to be worth €850 mln by 2025

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According to research, the value of the Cypriot ICT market reached €781 million in 2022, showing an annual growth of 4.7%, while the IT market (excluding telecommunications) was valued at €302 million, an annual increase of 8.4%.

Spending on IT services amounted to €156 million, up 10.1% yearly.

Technology, Information and Communications firms expect the value of the Cyprus ICT market to reach €856 million in 2025.

The survey showed that digital transformation is the most important challenge, as it was the only challenge mentioned by more than 50% of the companies that took part in the survey.

It said the COVID-19 pandemic has significantly contributed to the importance of this challenge.

Cyber security remains the top investment priority for Cypriot companies, with its importance growing significantly.

Deputy Minister of Research, Innovation and Digital Policy Philippos Hadjizacharias said the government aims to implement the digital transformation and the national goal of turning Cyprus into a technology hub.

Hadjizacharias was speaking at the survey presentation on the Cyprus IT market carried out by the Cyprus Computer Society in collaboration with the international company ICD.

He said the Deputy Ministry of Research is implementing the national strategy for promoting and developing information and communication technologies, constantly upgrading these plans.

The survey showed that the outlook for the near future of the (ICT) sector is positive, as most ICT companies operating in Cyprus plan to develop new services, and around 50% of Cypriot companies expect to increase spending on IT services.

The survey results showed that the economic recovery and digital transformation caused by the pandemic led to the expansion of the ICT sector in 2022, which significantly contributed to the diversification of the country’s growth model and the reduction of its trade deficit.