IT Outsourcing - Hungary

  • Hungary
  • Revenue in the IT Outsourcing market is projected to reach US$628.90m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.21%, resulting in a market volume of US$996.90m by 2028.
  • The average Spend per Employee in the IT Outsourcing market is projected to reach US$136.70 in 2024.
  • In global comparison, most revenue will be generated in the United States (US$185.50bn in 2024).

Key regions: Netherlands, United States, Japan, Germany, Italy

 
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Analyst Opinion

Hungary, a country located in Central Europe, has been experiencing a steady growth in the IT Outsourcing market over the past few years.

Customer preferences:
Companies in Hungary have been increasingly outsourcing IT services to reduce costs and improve efficiency. IT outsourcing has become a popular option for businesses in Hungary due to its cost-effectiveness and flexibility. Additionally, the IT talent pool in Hungary is highly skilled, making it an attractive destination for companies looking to outsource IT services.

Trends in the market:
One of the trends in the IT Outsourcing market in Hungary is the increasing demand for cloud-based services. Many companies are now opting for cloud-based solutions to store and manage their data, which has led to an increase in demand for cloud-based IT outsourcing services. Another trend is the rise of automation in IT outsourcing. Companies are now using automation to streamline their IT processes and reduce costs.

Local special circumstances:
Hungary has a highly skilled IT workforce, which makes it an attractive destination for companies looking to outsource IT services. The country also has a favorable business environment, with a low corporate tax rate and a well-developed infrastructure. Additionally, Hungary is a member of the European Union, which provides companies with access to a large market.

Underlying macroeconomic factors:
The growth of the IT Outsourcing market in Hungary can be attributed to several macroeconomic factors. The country has a stable political environment and a growing economy, which has led to an increase in foreign investment. Additionally, Hungary has a highly educated workforce, which has helped to attract foreign companies looking to outsource IT services. The government has also implemented policies to support the growth of the IT sector, such as tax incentives for companies investing in research and development.

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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