IT Consulting & Implementation - Hungary

Hungary

Revenue in the IT Consulting & Implementation market is projected to reach US$92.53m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.02%, resulting in a market volume of US$116.90m by 2028.
The average Spend per Employee in the IT Consulting & Implementation market is projected to reach US$20.11 in 2024.
In global comparison, most revenue will be generated in the United States (US$26,030.00m in 2024).

Key regions: Brazil, Netherlands, Spain, Italy, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

Hungary, located in Central Europe, has been experiencing a steady growth in the IT Consulting & Implementation market in recent years.

Customer preferences: Hungarian customers are increasingly looking for IT consulting services that can help them optimize their business processes, improve their IT infrastructure, and enhance their cybersecurity. They also seek implementation services that can help them implement new technologies such as cloud computing, big data analytics, and artificial intelligence.

Trends in the market: One of the main trends in the IT Consulting & Implementation market in Hungary is the growing demand for digital transformation services. Many Hungarian companies are looking to modernize their IT infrastructure and business processes to stay competitive in the global market. Another trend is the increasing adoption of cloud computing services, which offer cost savings, scalability, and flexibility to businesses of all sizes.

Local special circumstances: The Hungarian IT Consulting & Implementation market is highly competitive, with both local and international players vying for market share. However, local players have the advantage of being more familiar with the Hungarian business environment and culture, which can be an important factor in winning contracts. Additionally, the Hungarian government has been actively promoting the development of the IT sector, offering tax incentives and funding opportunities to encourage innovation and growth.

Underlying macroeconomic factors: Hungary's strong economic growth, favorable business environment, and skilled workforce have all contributed to the growth of the IT Consulting & Implementation market. The country's strategic location in Central Europe also makes it an attractive destination for foreign investment. However, the market is not without challenges, including a shortage of skilled IT professionals and a lack of awareness among some businesses about the benefits of IT consulting and implementation services.

Methodology

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.