Market Insights Technology Cybersecurity Security Services

Professional Services - Hungary

Hungary

In Hungary, the revenue in the Professional Services market is expected to reach US$77.98m by 2024.
This projection indicates a strong growth potential for the market.
Furthermore, it is anticipated that the market will experience an annual growth rate (CAGR 2024-2029) of 7.28%, leading to a market volume of US$110.80m by 2029.
This forecast suggests a promising outlook for the Professional Services market sector in Hungary.
Additionally, it is noteworthy that the average Spend per Employee in the Professional Services market is projected to reach US$15.48 in 2024.
This metric provides insights into the financial investment allocated to each employee within the industry.
When considering the global landscape, it is important to highlight that United States is expected to generate the highest revenue in the Professional Services market, amounting to US$34,430.0m in 2024.
This statistic demonstrates the significant economic contribution of the United States to the industry on a global scale.
The demand for professional services in Hungary is growing rapidly, as companies increasingly seek specialized expertise to navigate complex business challenges.

Key regions: India, Chile, Spain, Saudi Arabia, Belgium

Market

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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.