Cyprus’ digital advertising market has seen significant growth as a result of the market and the economic improvement of the island in the past years. More brands invest in digital and programmatic advertising to capture the audience’s attention. So it is expected to develop more in the near future.
Digital ad market
Development of technology forces more innovation and gives brands the opportunity to connect with their target audiences in a more efficient way. So more brands in Cyprus choose a digital ad to get users’ attention. So ad spending in the Digital Advertising market is projected to reach $119.80 million in 2022.
With an internet population of just over 1.11 million internet users in 2022, increasing by 0.7% between 2021 and 2022, there is high demand for mobile internet connection. According to DataReportal, there were 1.78 million cellular mobile connections in Saudi Arabia at the start of 2022. It was equivalent to 145.8% of the total population. That’s why more and more brands have focused their budgets and strategy on digital advertising.
Social networks can help brands capture the attention of their audience. Especially considering that there are 1.22 million social media users in Cyprus. It is equivalent to 100.3% of the total population. And brands can engage with all of them, connecting with more of the audience that matters to brands via advertising on social networks.
The market’s largest segment is Search Advertising with a market volume of $45.49 million in 2022.
As the second the market’s largest segment, Video Advertising continues to grow and develop. Ad spending on Video Advertising is expected to reach $59.49 million by 2027.
Top websites ranking
reporter.com.cy, bazaraki.com, kerkida.net, sigmalive.com, philenews.com, google.com.cy, protothema.gr, tothemaonline.com, tvopen.gr, sport24.gr
Top used ad networks in Сyprus
- Propeller ads
E-commerce market in Cyprus
While in the past brands and users were skeptical about adopting e-commerce, the COVID-19 restrictions accelerated the usage of online services to make online purchases. So the e-commerce market in Cyprus is still growing. Revenue in the eCommerce market is expected to reach $985.90 million in 2022. With annual growth of 16.00% between 2022 and 2025, it is projected to reach market volume of $1,539.00 million by 2025.
While the e-commerce market is relatively small, the popularity of online shopping is steadily growing. So at least 32.3% of users made an online purchase last year, compared with 24% in 2017. Price is one of the most important drivers of online shopping. Also, Cypriots make online purchases to find products that aren’t available in offline-stores. Brands should consider that mobile devices are preferred devices for online shopping as well.
Despite the e-commerce market still developing there are good chances for brands to communicate with their audiences and offer them products and services online.
Programmatic and digital advertising is step by step coming to the fore in the advertising market. It will continue to grow. Especially given how the government is facilitating the rise in internet penetration rate and development of digital technologies.