Key regions: United Kingdom, United States, Brazil, Japan, Netherlands
Hungary is becoming an increasingly popular destination for Business Process Outsourcing (BPO) services. The BPO market in Hungary is experiencing significant growth due to several factors.
Customer preferences: Companies are increasingly looking to outsource their non-core business processes to specialized service providers in order to reduce costs and increase efficiency. Hungary's skilled workforce, favorable tax policies, and competitive labor costs make it an attractive location for BPO services. Additionally, the country's strategic location in Central Europe allows for easy access to both Western and Eastern European markets.
Trends in the market: One trend in the Hungarian BPO market is the growing demand for multilingual services. As companies expand into new markets, they require customer service and support in multiple languages. Hungary's highly educated workforce is proficient in a variety of languages, making it an ideal location for multilingual BPO services.Another trend is the increasing adoption of automation and artificial intelligence (AI) in BPO services. Automation can help reduce costs and increase efficiency, while AI can improve the quality of customer service and support. Hungary's strong technology sector and skilled workforce make it well-positioned to offer these types of services.
Local special circumstances: Hungary has a long history of providing high-quality education in technical fields, which has helped to create a skilled and highly educated workforce. Additionally, the country's favorable tax policies and competitive labor costs make it an attractive location for foreign investment.
Underlying macroeconomic factors: Hungary's economy has been growing steadily in recent years, with a focus on attracting foreign investment and promoting innovation. The government has implemented policies to support the growth of the technology sector, which has helped to attract BPO service providers to the country. Additionally, Hungary's membership in the European Union provides access to a large market and favorable trading conditions.
Data coverage:
The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. 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 exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.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 and the Russia-Ukraine war is considered at a country-specific level.
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