Application Development Software - Hungary

Hungary

The projected revenue for the Application Development Software market in Hungary is expected to reach €214.90m by 2024.
It is anticipated that the market will experience an annual growth rate of 6.39% between 2024 and 2029, resulting in a market volume of €292.90m by 2029.
In comparison to other countries worldwide, United States is expected to generate the highest revenue in this market segment, with a projected revenue of €84,380.00m in 2024.
Hungary's vibrant tech ecosystem has led to a surge in demand for application development software, driving innovation and growth.

Key regions: United Kingdom, United States, Australia, France, Germany

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The demand for Application Development Software in Hungary has been on the rise in recent years, driven by various factors such as increasing digitization, growing popularity of mobile applications, and rising demand for automation and efficiency in businesses.

Customer preferences: Hungarian customers are increasingly looking for software solutions that can help them streamline their operations, increase productivity, and reduce costs. This has led to a growing demand for application development software that can help businesses create custom software solutions tailored to their specific needs. Additionally, there is a growing preference for cloud-based software solutions that offer greater flexibility and scalability, allowing businesses to easily adapt to changing market conditions.

Trends in the market: One of the key trends in the Hungarian application development software market is the growing popularity of low-code and no-code development platforms. These platforms allow businesses to develop software solutions without the need for extensive coding knowledge, making it easier and more cost-effective to develop custom software solutions. Another trend is the increasing demand for mobile application development software, driven by the growing popularity of smartphones and tablets among Hungarian consumers.

Local special circumstances: The Hungarian market is characterized by a large number of small and medium-sized enterprises (SMEs), which account for the majority of businesses in the country. These SMEs have unique software needs and often require custom software solutions to meet their specific requirements. As a result, there is a growing demand for application development software that can help these businesses create custom software solutions that are tailored to their needs.

Underlying macroeconomic factors: Hungary has a rapidly growing economy, with a strong focus on innovation and technology. The government has implemented various initiatives to promote the growth of the technology sector, including tax incentives and funding for technology startups. Additionally, Hungary has a highly educated workforce with a strong background in technology, making it an attractive location for technology companies looking to expand their operations. These macroeconomic factors have contributed to the growth of the application development software market in Hungary.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

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 is considered at a country-specific level.