Market Insights Technology IT Services IT Outsourcing

Application Outsourcing - Hungary

Hungary

Revenue in the Application Outsourcing market is projected to reach US$147.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.94%, resulting in a market volume of US$165.20m by 2028.
The average Spend per Employee in the Application Outsourcing market is projected to reach US$31.96 in 2024.
In global comparison, most revenue will be generated in the United States (US$44,040.00m in 2024).

Key regions: Brazil, Germany, United Kingdom, Netherlands, China

Market

Region

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Currency

Analyst Opinion

The Application Outsourcing market in Hungary has been experiencing steady growth in recent years.

Customer preferences: Hungarian companies are increasingly turning to outsourcing their application development needs to third-party service providers. This is due to the rising demand for custom software solutions that can be tailored to meet specific business needs. Additionally, outsourcing allows companies to access a wider pool of skilled professionals at a lower cost than hiring in-house staff.

Trends in the market: One of the key trends in the Hungarian Application Outsourcing market is the increasing adoption of cloud-based solutions. This is driven by the need for greater flexibility and scalability, as well as the desire to reduce infrastructure costs. Another trend is the growing demand for mobile application development, as more and more consumers are using smartphones and tablets to access services and make purchases.

Local special circumstances: Hungary has a highly skilled workforce, with a strong tradition in engineering and technology. This has helped to attract a number of multinational companies to the country, which in turn has created a thriving outsourcing industry. Additionally, Hungary has a favorable business environment, with low taxes and a stable political climate.

Underlying macroeconomic factors: The Hungarian economy has been growing steadily in recent years, with GDP increasing by an average of 4.5% per year since 2014. This has created a favorable business environment, with many companies looking to invest in new technologies and services. Additionally, Hungary has a strong focus on innovation, with a number of government initiatives aimed at promoting research and development in key industries. These factors have helped to create a favorable market for Application Outsourcing services in Hungary.

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.