Platform as a Service - Hungary

Hungary

In Hungary, revenue in the 0 market is projected to reach US$159.00m in 2024.
The Platform as a Service market dominates this market with a projected market volume of 0 in the same year.
In Hungary, revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 19.99%, which will result in a market volume of US$395.50m by 2029.
In a global context, the majority of revenue will be generated the United States, which is expected to reach US$91,020.00m in 2024.
In Hungary, the Platform as a Service market is experiencing growth as businesses increasingly seek scalable solutions to enhance digital transformation efforts.

Key regions: United States, Italy, Australia, Netherlands, Japan

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Analyst Opinion

The Platform as a Service Market in Hungary has been rapidly expanding due to the growing demand for digital solutions, heightened health consciousness among individuals, and the ease of accessing online healthcare services. This elevated growth rate can be attributed to the country's increasing investment in modernizing its healthcare infrastructure and the rising trend of using cloud-based platforms for healthcare management.

Customer preferences: As businesses in Hungary continue to adopt cloud computing, the Platform as a Service market within the Public Cloud Market is experiencing a rise in demand. This can be attributed to the growing preference for agile and scalable solutions, as well as the increasing adoption of DevOps practices. Additionally, the trend towards remote work is also driving the need for PaaS, as it allows for seamless collaboration and communication among remote teams. This shift towards cloud-based solutions is also influenced by the cultural value placed on efficiency and productivity in the Hungarian business landscape.

Trends in the market: In Hungary, there is a growing trend towards the adoption of Platform as a Service (PaaS) within the Public Cloud Market. This trend is driven by the increasing demand for flexible and cost-effective solutions for software development and deployment. PaaS providers are also expanding their offerings to include advanced features such as artificial intelligence and machine learning, catering to the evolving needs of businesses. This trend is expected to continue on an upward trajectory, with PaaS market revenue projected to reach $1.7 billion in 2024. Industry stakeholders, including businesses and developers, should take advantage of this trend to improve their operational efficiency and competitiveness in the market. However, it is important for them to carefully evaluate and choose the right PaaS provider to ensure data security and compliance with regulations.

Local special circumstances: In Hungary, the Platform as a Service (PaaS) market is gaining traction due to the government's focus on digital transformation and the country's strong IT infrastructure. Additionally, the market is influenced by the high demand for cloud-based solutions from small and medium-sized enterprises (SMEs) looking to reduce costs and increase efficiency. The unique cultural and regulatory landscape in Hungary also plays a role, with the country's strong data privacy regulations and growing preference for local cloud services.

Underlying macroeconomic factors: The growth of the Platform as a Service Market within the Public Cloud Market in Hungary is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in digital infrastructure. The country's strong investment in digitalization and its favorable regulatory environment have contributed to the rapid adoption of PaaS solutions. Furthermore, the increasing demand for digital solutions in various industries and the government's efforts to promote digital transformation are driving the growth of the PaaS market in Hungary. Additionally, the country's stable economic health and its strategic location in Central Europe make it an attractive market for PaaS providers looking to expand their services.

Methodology

Data coverage:

The data encompasses B2B and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

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