AR & VR - Hungary

Hungary

In 2024, the projected revenue in the AR & VR market in Hungary is expected to reach US$82.3m.
This projection indicates an annual growth rate (CAGR 2024-2028) of 11.60%, resulting in a projected market volume of US$127.6m by 2028.
The largest market within this segment is AR Software, with a market volume of US$27.8m in 2024.
The United States generates the highest revenue with a projected market volume of US$10,260.0m in the same year.
By 2028, the number of users in Hungary's AR & VR market is expected to amount to 5,172.0k users.
The user penetration rate is projected to be 52.0% in 2024 and is expected to increase to 53.3% by 2028.
The average revenue per user (ARPU) is anticipated to be US$8.2.
It is important to note that the revenue values mentioned above only account for B2C revenues.
Therefore, they do not include B2B revenues.
Based on the displayed market share of B2C, none of the total market (B2C & B2B) is covered.
The AR & VR market in Hungary is experiencing steady growth, with an increasing number of local startups and innovative applications emerging.

Definition:

Augmented reality (AR) and virtual reality (VR) make it possible to combine the real and virtual worlds. AR is generally accessed via mobile phones and primarily relies on lenses. AR effects can be created by using lenses in social media apps, for example. AR is also used for displaying digital 3D objects in our surroundings, e.g., in gaming or eCommerce apps. Meanwhile, VR technology allows users to dive into the virtual world, and, unlike AR technology, it requires a headset device which enables the creation of virtual worlds.

Structure:

The AR & VR market consists of six different markets: AR Advertising, AR Hardware, AR Software, VR Advertising, VR Hardware, and VR Software. AR Advertising covers mobile advertising that is displayed in the most prominent social media apps. AR Hardware comprises AR headsets and glasses. AR Software is divided into three different application types, namely social media, gaming, and eCommerce applications, which can be accessed via the most prominent app stores. VR Advertising covers in-game advertising as well as advertising in VR videos. VR Hardware comprises both tethered head-mounted displays (HMDs) and stand-alone HMD headsets. Lastly, VR Software covers VR games and VR videos, which require headsets.

Additional information:

The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through in-app purchases, advertising spending, and consumer spending on apps, games, and hardware such as headsets or glasses. Sales channel data shows both online and offline revenues, which include VAT. The market only displays B2C revenues and users for the above-mentioned markets and markets; B2B and B2G revenues are not included. Additional definitions for each market can be found on the respective market pages.
Market numbers for VR headsets are also featured in the Consumer Market Insights, namely in the Gaming Equipment market of the Consumer Electronics market. Unlike the VR Hardware market in the Advertising & Media Outlook, the Gaming Equipment market also covers smartphone VR devices.
Key players in the market include companies such as Meta (Oculus VR), Microsoft (HoloLens), Snap Inc. with different lenses, and Nvidia, which offers computing hardware components.
For more information on the data displayed, use the info button right next to the boxes.

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Analyst Opinion

The AR & VR market in Hungary is experiencing significant growth and development. Customer preferences are shifting towards immersive and interactive experiences, driving the demand for AR & VR technologies.

The market is also influenced by local special circumstances and underlying macroeconomic factors. Customer preferences in Hungary are increasingly focused on immersive and interactive experiences. Consumers are seeking innovative ways to engage with content and products, and AR & VR technologies provide a unique and captivating experience.

The ability to visualize products in a virtual environment or interact with virtual objects has become increasingly appealing to consumers. This shift in preference is driving the demand for AR & VR technologies in Hungary. Trends in the market indicate that the use of AR & VR technologies is expanding across various industries in Hungary.

In the gaming industry, virtual reality gaming experiences are gaining popularity, offering players a more immersive and realistic gaming experience. In the retail sector, augmented reality is being used to enhance the shopping experience by allowing customers to virtually try on clothes or visualize furniture in their homes. Additionally, the healthcare industry is utilizing AR & VR technologies for training purposes and to improve patient outcomes.

These trends reflect the growing adoption of AR & VR technologies in Hungary. Local special circumstances also play a role in the development of the AR & VR market in Hungary. The country has a strong technology sector and a growing startup ecosystem, which fosters innovation and entrepreneurship.

This enables the development of AR & VR technologies and encourages investment in the market. Furthermore, Hungary has a high level of digital literacy among its population, which contributes to the adoption and acceptance of AR & VR technologies. Underlying macroeconomic factors also contribute to the growth of the AR & VR market in Hungary.

The country has a stable and growing economy, which provides a conducive environment for businesses to invest in AR & VR technologies. Additionally, Hungary benefits from being a part of the European Union, which promotes cross-border collaboration and trade. This allows for the exchange of ideas and technologies, further driving the development of the AR & VR market.

In conclusion, the AR & VR market in Hungary is experiencing significant growth and development. Customer preferences for immersive and interactive experiences, along with local special circumstances and underlying macroeconomic factors, are driving the demand for AR & VR technologies. The market is witnessing the expansion of AR & VR applications across various industries, reflecting the growing adoption of these technologies in Hungary.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the AR & VR market. AR and VR enable consumers to experience a new dimension, using either a headset or installed units, as they combine the real and virtual worlds. Consumer revenue figures refer to revenues relating to AR hardware, AR software, VR hardware, VR software, and spending on AR and VR advertising. Both digital and non-digital revenues are included.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports. In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending, internet penetration, 4G coverage, and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).