Definition:
eServices refer to the delivery of services through electronic means, typically via the internet. eServices offer the convenience of conducting transactions and accessing information online and have become increasingly popular in recent years due to the growth of internet accessibility and the increasing use of digital devices. The eServices market continues to expand as consumers seek efficient and convenient ways to access and purchase various services.The definition of eServices does not include media content acquired online (see: Digital Media) or the online sale of physical goods (see: eCommerce). Furthermore, no business-to-business segments are included, and neither are revenues from software downloads and services, or price/product comparison site commission fees.
Structure:
eServices includes the event ticketing market, which covers the sale of tickets for sporting events, music concerts, and cinema showings. The dating services market includes online dating platforms, matchmaking services, and casual dating sites. The online education market encompasses the provision of university education, online learning platforms, and professional certification programs. Lastly, the online gambling market which covers online sports betting, online casinos, and online lotteries.Additional Information
Data includes revenue figures in Gross Merchandise Value (GMV), Users, average revenue per user (ARPU), and user penetration rate. User and revenue figures represent B2C services.Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
The eServices market in Cyprus is experiencing significant growth and development.
Customer preferences: Customers in Cyprus are increasingly turning to eServices for their convenience and efficiency. With the proliferation of smartphones and internet access, consumers are seeking digital solutions for various needs such as online shopping, banking, and entertainment. The younger generation, in particular, is more tech-savvy and prefers to use eServices for their daily activities.
Trends in the market: One of the key trends in the eServices market in Cyprus is the rise of e-commerce. Online shopping has become increasingly popular, with consumers enjoying the convenience of browsing and purchasing products from the comfort of their own homes. This trend is further fueled by the growth of online marketplaces and the availability of secure payment options. Additionally, the COVID-19 pandemic has accelerated the adoption of e-commerce, as consumers turned to online shopping to avoid physical stores and minimize contact. Another trend in the eServices market is the increasing demand for digital banking services. Customers in Cyprus are embracing online banking and mobile banking apps, which offer a wide range of services such as account management, money transfers, and bill payments. The convenience and accessibility of digital banking have made it a preferred option for many consumers.
Local special circumstances: Cyprus has a relatively small population compared to other countries, which presents both opportunities and challenges for the eServices market. On one hand, the smaller market size allows for more targeted and personalized eServices. Companies can tailor their offerings to the specific needs and preferences of the Cypriot consumers. On the other hand, the limited customer base may pose challenges in terms of scalability and reaching economies of scale. Companies operating in Cyprus need to carefully consider their market strategy and adapt to the local market conditions.
Underlying macroeconomic factors: The growth of the eServices market in Cyprus is also influenced by various macroeconomic factors. The country has a high internet penetration rate, with a large portion of the population having access to the internet. This provides a strong foundation for the development of eServices. Additionally, the government of Cyprus has been actively promoting digitalization and innovation, creating a favorable environment for eService providers. The regulatory framework in Cyprus is also supportive of eServices, with measures in place to protect consumers and ensure the security of online transactions. In conclusion, the eServices market in Cyprus is experiencing significant growth and development, driven by customer preferences for convenience and efficiency. The rise of e-commerce and digital banking are key trends in the market, and the small market size of Cyprus presents both opportunities and challenges for eService providers. The underlying macroeconomic factors, such as high internet penetration and government support, further contribute to the growth of the market.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights