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Business Intelligence Software - Hungary

Hungary

Revenue in the Business Intelligence Software market is projected to reach US$35.62m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.16%, resulting in a market volume of US$45.25m by 2028.
The average Spend per Employee in the Business Intelligence Software market is projected to reach US$7.74 in 2024.
In global comparison, most revenue will be generated in the United States (US$13,790.00m in 2024).

Key regions: Germany, United States, Canada, South Korea, United Kingdom

Market

Region

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Currency

Analyst Opinion

The demand for Business Intelligence (BI) software has been growing steadily in Hungary over the past few years, driven by the need for businesses to make data-driven decisions and improve their overall efficiency.

Customer preferences: Hungarian businesses are increasingly looking for BI software that is easy to use, customizable, and provides real-time data analysis. They also prefer cloud-based solutions that offer flexibility and scalability.

Trends in the market: One of the key trends in the Hungarian BI software market is the growing adoption of self-service BI tools. These tools enable business users to access and analyze data without the need for IT support, which has increased the speed and accuracy of decision-making processes. Another trend is the emergence of predictive analytics, which allows businesses to use historical data to make predictions about future trends and events.

Local special circumstances: Hungary has a vibrant startup ecosystem, which has led to the development of several innovative BI software solutions. These startups are focused on developing cutting-edge technology that is tailored to the needs of Hungarian businesses. Additionally, the country has a strong tradition of mathematics and computer science, which has helped to create a pool of talented developers and data analysts.

Underlying macroeconomic factors: Hungary has a strong and growing economy, which has led to increased investment in technology and infrastructure. This has created a favorable environment for the development and adoption of BI software. Additionally, the country has a highly educated workforce, which has helped to drive innovation and technological advancement. Finally, Hungary's central location in Europe has made it an attractive destination for multinational companies, which has further boosted the demand for BI software.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

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 is considered at a country-specific level.