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Hungary ICT Market Analysis

The Hungary ICT Market size is estimated at USD 31.59 billion in 2024, and is expected to reach USD 54.23 billion by 2029, growing at a CAGR of 11.41% during the forecast period (2024-2029).

• ICT encompasses a spectrum of technological tools that facilitate the transmission and processing of information. It is an amalgamation of information, communication, and technology, hence the acronym ICT. Increasing demand for digitization and scalable IT infrastructure is anticipated to drive the market's growth in Hungary.
• Businesses across industries are embracing digital transformation and enhancing their resilience, driving the demand for ICT solutions that enable automation, data analytics, and e-commerce. Furthermore, the highlighted importance of telehealth led to increased adoption of virtual consultations, remote patient monitoring, and e-health services, providing opportunities for health-tech startups to innovate new solutions.
• According to the International Trade Administration (ITA), Hungary's software development sector plays a pivotal role in the nation's economy, accounting for approximately 6% of its GDP. Moreover, Hungary stands out in the region for its substantial outsourcing activities, boasting a workforce of 80,100 IT specialists.
• Moreover, the government is actively involved in enhancing the country's digital strategy. It has the strategy to make Hungary one of the top ten countries in the European Union in terms of digital economic and social development by 2030. Hungary is witnessing rapid adoption of cloud computing across different sectors. According to StackScale, enterprise adoption of cloud computing in Hungary surged, more than doubling from 18% in 2018 to 45% by 2023.
• In 2024, the upcoming launch of Hungary's first satellite not only marks a significant milestone but also paves the way for a host of sales opportunities. These opportunities span from the satellite itself to the associated launch services, offering a diverse range of products, services, and solutions.

Hungary ICT Industry Segmentation

The study tracks ICT spending across various industry verticals in the country and highlights key technology preferences among industry verticals, including cloud and artificial intelligence.

The Hungarian ICT market is segmented by type (hardware, software, IT services, and telecommunication services), size of the enterprise (small and medium enterprise and large enterprises), and industry vertical (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, energy and utilities, and other industry verticals). The report provides the market sizes and forecasts in terms of value in USD.