Market Insights Technology Software Enterprise Software

Other Enterprise Software - Hungary

Hungary

In 2024, the projected revenue in the Other Enterprise Software market in Hungary is expected to reach €67.19m.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 3.33%, resulting in a market volume of €79.15m by 2029.
Moreover, the average Spend per Employee in this market segment is projected to reach €13.34 in 2024.
When comparing the revenue generated in the Other Enterprise Software market across different countries, it is noteworthy that United States is expected to generate the highest revenue, reaching a staggering €29,790.00m in 2024.
Hungary's Other Enterprise Software market is experiencing a surge in demand due to the country's thriving tech startup ecosystem.

Key regions: South Korea, China, Canada, United States, United Kingdom

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Analyst Opinion

Hungary, a country in Central Europe, has seen a growing demand for Other Enterprise Software in recent years.

Customer preferences: Hungarian companies have shown a preference for cloud-based Other Enterprise Software solutions due to their cost-effectiveness and ease of use. The demand for software solutions that can integrate with existing systems and provide real-time data analysis has also increased.

Trends in the market: One of the major trends in the Other Enterprise Software market in Hungary is the adoption of Industry 4.0 technologies. Hungarian companies are investing in software solutions that can help them automate their manufacturing processes, increase efficiency and reduce costs. Another trend is the increasing popularity of Software as a Service (SaaS) models, which offer lower upfront costs and the flexibility to scale up or down as needed.

Local special circumstances: Hungary has a strong tradition in engineering and manufacturing, which has led to the development of a robust IT industry. The country has a large pool of skilled IT professionals who are able to develop and implement complex software solutions. Additionally, the Hungarian government has introduced tax incentives for companies investing in R&D, which has encouraged innovation and the development of new software products.

Underlying macroeconomic factors: Hungary has a stable economy and a favorable business environment, which has attracted foreign investment and contributed to the growth of the IT sector. The country's strategic location and membership in the European Union have also made it an attractive destination for companies looking to expand their operations in Europe. The increasing digitalization of the Hungarian economy and the government's focus on promoting innovation and technology have further supported the growth of the Other Enterprise Software market.

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.