Breaking news

2024: A Year Of Booming Growth In Cyprus’ Service Sector

According to recent data from Cystat, Cyprus witnessed remarkable growth in its Service Turnover Index during 2024. The year-on-year increase is most notable in the final quarter, showcasing a resurgent economic trend.

Annual Turnover Highlights

The period from January to December saw notable increases across various industries. Administrative and support services led with an impressive 8.9% growth, closely followed by accommodation and food services at 8.2%. Tourism’s Record Earnings are reflective of such growth. Additionally, information and communication technologies rose by 8.0%, while real estate activities marked a 6.5% increase, underlining the island’s diverse economic sphere.

Fourth Quarter Surge

During the fourth quarter, accommodation and food services again took the lead with a 8.9% hike. Not far behind were administrative and support activities with 7.0%, and ICT at 6.5%. Real estate management and professional services also showed solid growth at 5.0% and 3.7% respectively.

For more on Cyprus’ strategic development plans, explore Cyprus Bets On Renewable Hydrogen.

Zendesk Acquires Forethought To Strengthen AI Customer Support Tools

Zendesk, a company known for customer support software, has announced the acquisition of artificial intelligence startup Forethought. The deal is expected to close by the end of March and represents another step in the growing use of AI to automate customer service operations.

Strategic Innovation In Customer Service

Forethought has been developing AI tools for customer support automation for several years. The company first gained industry recognition after winning the TechCrunch Battlefield competition in 2018, well before the widespread adoption of generative AI tools.

Since then, Forethought has expanded its customer base to include companies such as Grammarly, Airtable, Upwork and Datadog. By 2025, the platform was processing more than one billion customer interactions each month, highlighting the growing role of automation in support operations.

Pioneering Leadership And Industry Recognition

Deon Nicholas, Forethought’s co-founder and chairman, hailed the acquisition as a milestone in a recent LinkedIn post. According to Nicholas, advances in AI over the past several years have accelerated adoption across multiple industries, particularly in areas that rely heavily on customer communication and service management.

Enhancing Zendesk’s Product Portfolio

The integration of Forethought’s technology is expected to expand Zendesk’s AI capabilities across its product suite. Company executives said the acquisition could accelerate development of several planned features by more than a year. These capabilities include specialized AI agents, systems that improve automatically through usage data and more advanced voice-based customer support tools. Zendesk has previously expanded its platform through acquisitions, including companies such as Zopim and BIME Analytics, which added messaging and analytics functionality to its products.

Implications For The Future

The acquisition reflects a broader shift in the software industry toward AI-driven automation of customer service tasks. Companies are increasingly using AI systems to handle routine inquiries while human agents focus on more complex cases. Zendesk’s move highlights how enterprise software providers are investing in AI technologies to improve efficiency and scale customer support operations as demand for digital service channels continues to grow.

eCredo
Uol
The Future Forbes Realty Global Properties
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter