Industry Statistics and Rankings
How does this industry perform in Cyprus compared to Europe?
Country Benchmarking
Industry Data Cyprus
Ranking are out of 37 European countries for which IBISWorld provides country-level factsheets.
Revenue
#19 In EuropeBusiness
#31 In EuropeEmployees
#31 In EuropeWages
#32 In EuropeEuropean software developers' revenue is forecast to drop at a compound annual rate of 2.8% over the five years through 2024 to €374.1 billion due to challenging economic conditions. Software development revenue has been supported by rising digitisation and technological developments throughout the continent. The industry has been characterised by acquisitions, as global developers have sought to remain on top of market trends and protect their competitive positions by acquiring smaller businesses, particularly niche developers.
Enterprises
Number of businesses in 2024
Biggest companies in the Software Development in Cyprus
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|
There are no companies that hold a large enough market share in the Software Development in Cyprus industry for IBISWorld to include in this product.
Top Questions Answered in this Report
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Software Development industry in Cyprus in 2024?
The market size of the Software Development industry in Cyprus is €2.3bn in 2024.
How many businesses are there in the Software Development in Cyprus industry in 2024?
There are 1,080 businesses in the Software Development industry in Cyprus, which has grown at a CAGR of 0.7 % between 2019 and 2024.
Has the Software Development industry in Cyprus grown or declined over the past 5 years?
The market size of the Software Development industry in Cyprus has been declining at a CAGR of 1.9 % between 2019 and 2024.
What is the forecast growth of the Software Development industry in Cyprus over the next 5 years?
Over the next five years, the Software Development industry in Cyprus is expected to grow.
What does the Software Development in Cyprus include?
Systems software and Application software are part of the Software Development industry.
How competitive is the Software Development industry in Cyprus?
The level of competition is moderate and increasing in the Software Development industry in Cyprus.
Related Industries
This industry is covered in 37 countries
Domestic industries
Competitors
Complementors
- Computer & Peripheral Equipment Manufacturing in Cyprus
- Computer, Peripheral Equipment & Software Wholesaling in Cyprus
- Software Publishing in Cyprus
- Computer Consultants in Cyprus
Table of Contents
About this industry
Industry definition
Industry participants develop and adapt software, which includes writing, modifying and supporting computer code, databases and webpages. Developers also customise software so that it is functional within clients’ information system environment and offer select after-sale services.
Related Terms
Cloud ComputingSoftware As A Service (SAAS)FintechWhat's included in this industry?
Systems softwareApplication softwareSupport servicesCompanies
Industry Code
6201 - Computer programming activities in Cyprus
View up to 0 companies with purchase. View purchase options.
Performance
Revenue Highlights
Trends
- Revenue
- 2024 Revenue CAGR
- Revenue Volatility
Employment Highlights
Trends
- Employees
- Employees per Business
- Revenue per Employee
Business Highlights
Trends
- Businesses
- Employees per Business
- Revenue per Business
Profit Highlights
Trends
- Total Profit
- Profit Margin
- Profit per Business
Current Performance
Charts
- Revenue
- Employees
- Business
- Profit
Analysis
What's driving current industry performance in the Software Development in Cyprus industry?
Outlook
Analysis
What's driving the Software Development in Cyprus industry outlook?
Volatility
Analysis
What influences volatility in the Software Development in Cyprus industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Software Development in Cyprus industry?
Charts
- Industry Life Cycle Matrix
Products and Markets
Highlights
Trends
- Largest Market
- Product Innovation
Key Takeaways
Custom-made software appeals to technical industries. Engineering and architectural businesses are heavily reliant on computer software to design, while scientific researchers use programs to measure processes and record data.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Software Development in Cyprus industry's products and services performing?
Analysis
What are innovations in the Software Development in Cyprus industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Software Development in Cyprus industry?
International Trade
Highlights
- Total Imports into Cyprus
- Total Exports into Cyprus
Heat maps
- Industry Concentration of Imports by Country
- Industry Concentration of Exports by Country
Data Tables
Value and annual change (%) included
- Number of Imports and Exports by European Country (2024)
Competitive Forces
Highlights
Trends
- Concentration
- Competition
- Barriers to Entry
- Substitutes
- Buyer Power
- Supplier Power
Key Takeaways
Low concentration is a product of a saturated market. Low market share concentration reflects the fragmented nature of the industry outside of the global software houses.
Supply Chain
Charts
Buyer and supply industries
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Establishments by Region (2024)
Data Tables
- Number of Establishments by Region (2024)
Charts
- Share of Establishments vs. Population of Each Region
Analysis
What regions are businesses in the Software Development in Cyprus located?
Companies
Data Tables
Top 0 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit margin (2024)
External Environment
Highlights
Trends
- Regulation & Policy
- Assistance
Key Takeaways
Opportunities remain for small companies. Small software development businesses will flood the market in the coming years to take advantage of market niches, raising competitive pressures.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Software Development in Cyprus industry?
Financial Benchmarks
Highlights
Trends
- Profit Margin
- Average Wage
- Largest Cost
Key Takeaways
Labour costs are high. Software development companies require specialised staff to conduct highly skilled and labour-intensive coding and testing tasks. The majority of workers have advanced qualifications so take-home big salaries.
Cost Structure
Charts
- Share of Economy vs. Investment Matrix
-
Industry Cost Structure Benchmarks:
- Marketing
- Depreciation
- Profit
- Purchases
- Wages
- Rent
- Utilities
- Other
Analysis
What trends impact cost in the Software Development in Cyprus industry?
Key Ratios
Data tables
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
- Revenue per Employee (2014-2029)
- Wages/Revenue (2014-2029)
- Employees per Establishment (2014-2029)
- Average Wage (2014-2029)
Country Benchmarks
European Leaders & Laggards
Data Tables
Top and boottom five countries listed for each:
- Revenue Growth (2024)
- Business Growth (2024)
- Job Growth (2024)
European Country Performance
Data Tables
Rankings available for 37 countries. Statistics ranked include:
- IVA/Revenue (2024)
- Imports/Demand (2024)
- Exports/Revenue (2024)
- Revenue per Employee (2024)
- Wages/Revenue (2024)
- Employees per Establishment (2024)
- Average Wage (2024)
Structural Comparison
Data Tables
Trends in 37 countries benchmarked against trends in Europe
- Concentration
- Competition
- Barriers to Entry
- Buyer Power
- Supplier Power
- Volatility
- Capital Intensity
- Innovation
- Life Cycle
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
Where does IBISWorld source its data?
IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.
To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.
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