Artificial Intelligence - Hungary

Hungary

The market size in the Artificial Intelligence market is projected to reach US$350.20m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 28.48%, resulting in a market volume of US$1,575.00m by 2030.
In global comparison, the largest market size will be in the United States (US$50.16bn in 2024).

Definition:
Artificial intelligence (AI) is a branch of computer science that focuses on creating machines able to perform tasks traditionally requiring human intelligence, such as perception, reasoning, and learning. The Artificial Intelligence (AI) market includes a wide range of applications, such as speech recognition, image processing, and autonomous vehicles and has seen rapid growth in recent years due to advancements in technology and increased investment. The Artificial Intelligence (AI) market includes software, hardware, and services that enable organizations to develop and deploy AI applications.

Structure:

The Artificial Intelligence (AI) market is structured into six markets based on the technology:

The Computer Vision market covers applications that enable computers to interpret and understand digital images and video data.
The Machine Learning market covers the use of algorithms to enable computer systems to learn from data.
The Natural Language Processing market covers applications that enable computers to understand, interpret, and generate human language.
The Artificial Intelligence Robotics market covers the combination of AI, machine learning, and engineering to create intelligent machines that can perform tasks autonomously.
The Autonomous & Sensor Technology market covers machines and systems that operate independently by using sensors, AI, and machine learning to respond to changes in their environment.
The Generative AI market covers artificial intelligence that involves creating models capable of generating new content, such as images, videos, and text, which are indistinguishable from content created by humans.

Additional Information:

The Artificial Intelligence (AI) market comprises three key performance indicators: market sizes, market sizes by industry, and users of AI tools. Market sizes are generated by the funding amount of Artificial Intelligence (AI) companies. Key players of the Artificial Intelligence (AI) market include companies such as Google, Open AI, IBM, and Microsoft.

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Analyst Opinion

The Artificial Intelligence market in Hungary is experiencing significant growth, fueled by factors such as increasing adoption of digital technologies, growing health awareness among consumers, and the convenience of online health services. The market's elevated growth rate can be attributed to the advancements in AI sub-markets such as Robotics, Autonomous & Sensor Technology, Computer Vision, Machine Learning, Natural Language Processing, and Generative AI. The country's strong focus on technological development and its growing investment in the AI sector are also impacting the market's growth rate.

Customer preferences: The rise of artificial intelligence has led to a growing demand for advanced automation and smart solutions across various industries in Hungary. This has resulted in a shift towards more efficient and streamlined processes, as well as a greater focus on data-driven decision making. Additionally, there is a growing interest in AI-powered chatbots and virtual assistants for customer service and support, as well as the development of personalized and customized AI solutions for businesses. This trend is driven by the desire for improved efficiency, cost savings, and enhanced customer experiences.

Trends in the market: In Hungary, the Artificial Intelligence market is experiencing a surge in chatbot technology, with businesses using AI-powered chatbots for customer service and support. Additionally, there is a growing trend of using AI in recruitment processes to streamline candidate selection. These developments not only improve efficiency and cost-effectiveness, but also enhance the overall customer experience. As AI technology continues to advance, we can expect to see an increase in its use across various industries, bringing about a more streamlined and personalized approach to business operations. This will require industry stakeholders to stay up-to-date with the latest AI trends and adapt their strategies accordingly to remain competitive in the market.

Local special circumstances: In Hungary, the Artificial Intelligence market is thriving due to the country's strong government support and investment in research and development. Additionally, the country's location in Central Europe makes it an ideal hub for AI startups and businesses looking to expand into other European markets. Furthermore, Hungary has a highly educated workforce with a strong focus on STEM fields, providing a skilled talent pool for AI companies. These factors have contributed to the rapid growth of the AI market in Hungary, making it a key player in the global AI landscape.

Underlying macroeconomic factors: The Artificial Intelligence Market in Hungary is also affected by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries that have strong government support and investment in AI technologies are experiencing rapid market growth, while those with limited government support and funding are facing challenges in the adoption and implementation of AI solutions. Furthermore, the increasing demand for AI solutions in various industries, coupled with the growing need for efficient and cost-effective solutions, is driving the growth of the market in Hungary.

Methodology

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. 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 are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.