Cyprus Computer Society presents the Cyprus ICT Market Report 2023

The dinner of the Cyprus Computer Society (CCS) for the Cyprus ICT Market Report 2023 Results Presentation was held on 27 September at Occhio Residence.

The Deputy Minister of Research, Innovation and Digital Policy, Philippos Hadjizacharias, addressed the event.

In his opening speech, the Chairman of the CCS Board Costas Agrotis, expressed his gratitude to the Deputy Minister, and to the Chief Scientist of Research, Innovation and Technology, Demetris Skourides, for their support. The event was attended by representatives from all pillars of the economic, business, scientific and academic community.

The study was presented by Jozef Gemela, Vice President of the Consulting department of leading research organisation IDC that conducted the Report on behalf of the CCS.

This report is a contribution of the CCS to the Cypriot ICT Industry as well as to Cypriot companies in general, aiming to support them in their digital transformation.

The Cyprus IT Market Report 2023 covers all sectors of the IT market, such as equipment, services, software and telecommunications and includes the market size 2023 forecasts until 2025 and trend analysis. The comprehensive study is based, among other things, on a representative survey of both Cypriot companies that are IT users (end-users), as well as ICT companies (suppliers) operating in Cyprus.

This year's study focused on the impact of the war in Ukraine and the energy crisis on the IT market, emerging trends (sustainability, artificial intelligence, digital workplace) and emerging solution areas.

The survey showed that, over the past two years, the Cypriot economy recovered strongly from the negative effects of the COVID-19 pandemic. Despite the ongoing effects of the Russia-Ukraine War and the resulting international sanctions imposed on Russia, the Cypriot economy recorded significant growth and unemployment is expected to trend downward.

The economic recovery and the digital transformation spurred by the pandemic drove the expansion of the ICT sector in 2022. The outlook for the near future is also positive, as the majority of ICT companies operating in Cyprus plan to launch new services and around half of Cypriot companies expect to increase their IT services spending.

These positive trends are reinforced by the Cypriot government and especially the Deputy Ministry of Research, Innovation, and Digital Policy (DMRID), which has played an essential role in the preparation of national ICT strategies and the promotion of emerging technologies. Remarkable achievements have been made in areas such as AI and blockchain and the government encourages investment in 5G infrastructure and broadband connectivity, with special incentives to serve underdeveloped areas.

CCS contributes to the work of the Deputy Ministry with non-profit initiatives such as the promotion and upgrading of the IT sector in Cyprus, e.g. the conduct of this study, as well as activities aimed at increasing the digital literacy of the Cypriot society as a whole.

The study is available through the CCS website www.ccs.org.cy (Media Centre – ICT Report)