eServices - Hungary

Hungary

The eServices market in Hungary is set to experience substantial growth in the coming years.
According to projections, the revenue in this market is expected to reach US$449.10m in 2024.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of 10.64%, resulting in a projected market volume of US$744.40m by 2029.
In 2025, the Online Food Delivery market is also expected to witness a revenue growth of 15.5%.
Meanwhile, the Online Food Delivery market is projected to have a market volume of US$442.80m in 2024.
It is worth noting that China is expected to generate the highest revenue in this market, with an estimated amount of US$495.50bn in 2024.
The average revenue per user (ARPU) in the Online Food Delivery market is projected to be US$132.70 in 2024.
Additionally, in the Online Food Delivery market, the number of users is expected to reach 4.1m users by 2029.
Lastly, the user penetration in the Online Food Delivery market is forecasted to be at 33.4% in 2024.
Overall, these figures demonstrate the significant potential and growth opportunities within the eServices market in Hungary.
Hungary's eServices market is experiencing a surge in demand, fueled by the country's growing tech-savvy population and government initiatives to promote digitalization.

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Analyst Opinion

The eServices market in Hungary is experiencing significant growth and development, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Hungary are shifting towards digital services, as consumers increasingly seek convenience, efficiency, and cost savings. With the widespread adoption of smartphones and internet connectivity, customers are demanding online solutions for various services, such as banking, shopping, entertainment, and communication. This preference for digital services is further fueled by the younger generation, who are more tech-savvy and comfortable with digital platforms. Trends in the eServices market in Hungary include the rise of e-commerce and online shopping. With the increasing availability of online marketplaces and the convenience of doorstep delivery, consumers are embracing online shopping as a preferred method of purchasing goods. This trend is also supported by the growing number of online payment options and secure transaction systems, which have boosted consumer confidence in online transactions. Another emerging trend in the eServices market is the rapid growth of online food delivery platforms. As busy lifestyles and urbanization continue to prevail, consumers are increasingly relying on food delivery services to meet their daily needs. This trend is further accelerated by the COVID-19 pandemic, which has led to an increased demand for contactless delivery options and online ordering. Local special circumstances in Hungary also contribute to the development of the eServices market. The country has a high internet penetration rate, with a large portion of the population having access to the internet. This widespread internet connectivity creates a favorable environment for the growth of eServices, as it allows for easy access to online platforms and services. Furthermore, Hungary has a supportive regulatory environment for eServices, with the government implementing policies to promote digitalization and e-commerce. This includes initiatives to improve digital infrastructure, enhance cybersecurity measures, and provide incentives for businesses to adopt digital solutions. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, also play a role in the development of the eServices market in Hungary. As the economy continues to expand, consumers have more purchasing power and are willing to spend on digital services that offer convenience and value. In conclusion, the eServices market in Hungary is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards digital services, the rise of e-commerce and online shopping, the growth of online food delivery platforms, supportive regulatory environment, and favorable macroeconomic conditions all contribute to the positive outlook for the eServices market in Hungary.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. 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 S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.