Cyprus's SaaS market is rapidly expanding, with a projected revenue of EUR 120 million by 2026. The growth is driven by increased adoption across various sectors, including finance, tourism, and government agencies. The number of SaaS providers has also grown to 45, reflecting a vibrant tech ecosystem and rising demand for cloud-based solutions among local businesses.
Enterprise adoption is at 68%, signaling a significant shift towards cloud services to enhance efficiency and digital capabilities. With an average subscription price of EUR 1,200 per user, companies are investing heavily in SaaS to remain competitive. The overall digital transformation investments of EUR 85 million underscore the country's commitment to embracing innovative technology for economic growth.