Cyprus is experiencing a significant increase in software spending, with a projected €150 million total market in 2026. SaaS solutions dominate this growth, capturing 65% of the market share, reflecting a shift towards cloud-based services. The average SaaS subscription costs around €1,200 annually per enterprise, indicating growing adoption among local businesses.
The number of SaaS providers in Cyprus has risen to 45, driven by demand for scalable and cost-effective digital solutions. With an IT budget growth rate of 12%, Cypriot companies are investing heavily in digital infrastructure, aiming to enhance operational efficiency and competitive advantage in the region.