Administration Outsourcing - Cyprus

Revenue in the Administration Outsourcing market is projected to reach US$10.09m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.19%, resulting in a market volume of US$12.99m by 2029.
The average Spend per Employee in the Administration Outsourcing market is projected to reach US$14.65 in 2024.
In global comparison, most revenue will be generated United States (US$27.29bn in 2024).

Definition :
Administration Outsourcing refers to the market for services associated with the external sourcing of typical IT administration tasks such as hardware supply, setup, configuration, maintenance, security, and support. This market contains all services related to the provision of physical IT equipment, whereas the support of company-owned software is not included.

Administration outsourcing allows organizations to optimize their administrative processes, improve efficiency, and focus on core competencies.

Additional Information:

The Administration Outsourcing market comprises revenues, revenue change, average spend per employee, and a list of the key players in the market and their consolidated revenues. Market values represent revenues that are generated by primary vendors either directly or through distribution channels at the manufacturer price level (excluding VAT). Reported market revenues include spending by enterprises (B2B) and governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed. Key players in the market include Hewlett Packard Enterprise, IBM, Accenture, Capgemini, and CGI.

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Hardware supply, such as Cisco Systems, Hewlett Packard Enterprise (HPE), and Dell Technologies
Hardware configuration, such as CDW (CDW Corporation), World Wide Technology (WWT), and ProSys Information Systems
Hardware maintenance, such as IBM Technology Support Services, Innovative Computer Systems, and Maintech
Security and support, such as Rapid7, Check Point Software Technologies, and Trend Micro

Application outsourcing, such as ScienceSoft, Arcanys, and SumatoSoft
Web hosting, such as GoDaddy, Bluehost, and Amazon Web Services
Customer relationship management, such as Salesforce, SAP Customer Experience(C/4HANA), and Microsoft Dynamics 365
Support of core business functions

The Administration Outsourcing market in Cyprus has seen steady growth in recent years, driven by a number of factors.

Customer preferences: Many companies in Cyprus are turning to outsourcing as a way to reduce costs and improve efficiency. By outsourcing administrative tasks such as payroll, bookkeeping, and data entry, companies can focus on their core business activities and reduce the burden on their internal staff. In addition, outsourcing can provide access to specialized expertise and technology that may not be available in-house.

Trends in the market: One trend in the Administration Outsourcing market in Cyprus is the increasing use of cloud-based solutions. Cloud-based outsourcing services allow companies to access their data and applications from anywhere, at any time, and on any device. This flexibility and scalability can be particularly attractive to small and medium-sized businesses that may not have the resources to invest in their own IT infrastructure.Another trend is the growing demand for customized outsourcing solutions. Companies are looking for providers that can tailor their services to meet their specific needs and requirements. This may include specialized industry knowledge, multilingual support, or flexible pricing models.

Local special circumstances: Cyprus has a highly skilled and educated workforce, with a strong tradition of entrepreneurship and innovation. This has helped to create a dynamic business environment that is attractive to both domestic and international companies. In addition, the country's strategic location at the crossroads of Europe, Africa, and Asia, and its membership in the European Union, make it an ideal location for companies looking to expand their operations.

Underlying macroeconomic factors: The Administration Outsourcing market in Cyprus is also influenced by broader macroeconomic factors, such as the country's economic growth and political stability. Cyprus has seen a period of sustained economic growth in recent years, driven by a strong tourism sector and a growing services industry. This has created a favorable business environment for outsourcing providers, as companies look to take advantage of the country's economic prosperity.In conclusion, the Administration Outsourcing market in Cyprus is developing in response to customer preferences for cost-effective and efficient solutions. Cloud-based outsourcing and customized services are two important trends in the market, while the country's skilled workforce and favorable business environment are key drivers of growth.

Data coverage:

The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. 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 exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Unseen yet omnipresent, Information Technology (IT) services are the invisible gears driving modern organizations. These services support business operations and digital transformation through outsourcing, managed services, security, data management, and cloud computing. By leveraging these services, companies enhance efficiency, reduce costs, and gain competitive advantages in a digital marketplace. Prominent cloud providers worldwide include Amazon Web Services, Microsoft Azure, Google Cloud, and Alibaba Cloud. In the managed services sector, Oracle, Accenture, and IBM are among the largest providers globally.