Market Size of Hungary ICT Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 31.59 Billion |
| Market Size (2029) | USD 54.23 Billion |
| CAGR (2024 - 2029) | 11.41 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hungary ICT Market Analysis
The Hungary ICT Market size is estimated at USD 31.59 billion in 2024, and is expected to reach USD 54.23 billion by 2029, growing at a CAGR of 11.41% during the forecast period (2024-2029).
- ICT encompasses a spectrum of technological tools that facilitate the transmission and processing of information. It is an amalgamation of information, communication, and technology, hence the acronym ICT. Increasing demand for digitization and scalable IT infrastructure is anticipated to drive the market's growth in Hungary.
- Businesses across industries are embracing digital transformation and enhancing their resilience, driving the demand for ICT solutions that enable automation, data analytics, and e-commerce. Furthermore, the highlighted importance of telehealth led to increased adoption of virtual consultations, remote patient monitoring, and e-health services, providing opportunities for health-tech startups to innovate new solutions.
- According to the International Trade Administration (ITA), Hungary's software development sector plays a pivotal role in the nation's economy, accounting for approximately 6% of its GDP. Moreover, Hungary stands out in the region for its substantial outsourcing activities, boasting a workforce of 80,100 IT specialists.
- Moreover, the government is actively involved in enhancing the country's digital strategy. It has the strategy to make Hungary one of the top ten countries in the European Union in terms of digital economic and social development by 2030. Hungary is witnessing rapid adoption of cloud computing across different sectors. According to StackScale, enterprise adoption of cloud computing in Hungary surged, more than doubling from 18% in 2018 to 45% by 2023.
- In 2024, the upcoming launch of Hungary's first satellite not only marks a significant milestone but also paves the way for a host of sales opportunities. These opportunities span from the satellite itself to the associated launch services, offering a diverse range of products, services, and solutions.
Hungary ICT Industry Segmentation
The study tracks ICT spending across various industry verticals in the country and highlights key technology preferences among industry verticals, including cloud and artificial intelligence.
The Hungarian ICT market is segmented by type (hardware, software, IT services, and telecommunication services), size of the enterprise (small and medium enterprise and large enterprises), and industry vertical (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, energy and utilities, and other industry verticals). The report provides the market sizes and forecasts in terms of value in USD.
| By Type | |
| Hardware | |
| Software | |
| IT Services | |
| Telecommunication services |
| By Size of Enterprises | |
| Small and Medium Enterprises | |
| Large Enterprises |
| By Industry Vertical | |
| BFSI | |
| IT and Telecom | |
| Government | |
| Retail and E-commerce | |
| Manufacturing | |
| Energy and Utilities | |
| Other Industry Verticals |
Hungary ICT Market Size Summary
The Hungarian ICT market is poised for significant growth, driven by the increasing demand for digital transformation and scalable IT infrastructure. As businesses across various sectors embrace automation, data analytics, and e-commerce, the market is expected to expand substantially over the forecast period. The government's commitment to enhancing the country's digital strategy, alongside the rapid adoption of cloud computing and advancements in telehealth, are key factors contributing to this growth. The launch of Hungary's first satellite further underscores the burgeoning opportunities within the market, spanning a wide array of products and services.
The retail and e-commerce sectors are experiencing a digital transformation, fueled by the adoption of artificial intelligence and big data analytics. These technologies are enhancing customer engagement and streamlining operations, thereby driving market expansion. The rise in online shopping and the increasing need for high-speed internet services, such as 5G, are also significant contributors to the market's growth. The competitive landscape is marked by the presence of global players who are leveraging strategic partnerships and innovative solutions to capture a larger market share.
Hungary ICT Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Hardware
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2.1.2 Software
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2.1.3 IT Services
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2.1.4 Telecommunication services
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2.2 By Size of Enterprises
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2.2.1 Small and Medium Enterprises
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2.2.2 Large Enterprises
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2.3 By Industry Vertical
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2.3.1 BFSI
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2.3.2 IT and Telecom
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2.3.3 Government
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2.3.4 Retail and E-commerce
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2.3.5 Manufacturing
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2.3.6 Energy and Utilities
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2.3.7 Other Industry Verticals
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Hungary ICT Market Size FAQs
How big is the Hungary ICT Market?
The Hungary ICT Market size is expected to reach USD 31.59 billion in 2024 and grow at a CAGR of 11.41% to reach USD 54.23 billion by 2029.
What is the current Hungary ICT Market size?
In 2024, the Hungary ICT Market size is expected to reach USD 31.59 billion.
