Market Insights Technology Cybersecurity Cyber Solutions

Cloud Security - Hungary

Hungary

The Cloud Security market in Hungary is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$2.15m by 2024.
This indicates a strong market potential for Cloud Security market services in the country.
Furthermore, the market is expected to exhibit an impressive compound annual growth rate (CAGR) of 27.94% from 2024 to 2029.
This growth rate suggests a promising future for the Cloud Security market industry in Hungary, with a projected market volume of US$7.37m by 2029.
Additionally, when analyzing the average Spend per Employee in the Cloud Security market, it is estimated to reach US$0.43 in 2024.
This figure demonstrates the level of investment companies are willing to make to ensure their security in the cloud.
In comparison to other countries, United States is expected to generate the most revenue in the Cloud Security market, reaching a staggering US$869.2m in 2024.
This highlights the dominant position of the United States in the global Cloud Security market.
Overall, the Cloud Security market in Hungary is poised for substantial growth and presents lucrative opportunities for businesses operating in this sector.
As one of the fastest-growing markets in Europe, Hungary is witnessing a surge in demand for cloud security solutions to protect its digital infrastructure.

Key regions: Canada, Chile, Brazil, Spain, Germany

Market

Region

Region comparison

Currency

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to 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 particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.