Software as a Service - Hungary | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$348.70m in 2024.
0.0 dominates the market with a projected market volume of 0.0 in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.79%, resulting in a market volume of US$934.20m by 2029.
In global comparison, most revenue will be generated United States (US$187.20bn in 2024).

Definition:

Software as a Service (SaaS) refers to the type of public cloud service that delivers software applications over the internet on a subscription basis. Users can access and use the software through web browsers without having to install or maintain it locally. SaaS eliminates the need for purchasing, installing, and updating software, thus offering convenience and automatic updates while allowing users to focus on using the software to meet their requirements. The SaaS market includes the companies that provide these types of cloud-based software resources and services to individuals, businesses, and organizations. A typical example of this type of service is Microsoft Office 365, an SaaS suite of applications (e.g., Word, Excel, and PowerPoint) available for purchase by subscription and accessible via a web browser.

Additional Information:

The Software as a Service (SaaS) market comprises revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players of the SaaS market include companies such as Microsoft (Office 365), Salesforce (Customer 360), Oracle (Cloud applications), and IBM (Cloud).

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Enterprise software, such as SAP ERP, Oracle ERP Cloud, Salesforce CRM, and Microsoft Dynamics365
Productivity software, such as Microsoft 365, Google Workspace, and Adobe Creative Cloud

System infrastructure software, such as Microsoft Windows Operating System and Linux Operating System
On-premises software, such as on-premises versions of Microsoft Office, SAP ERP, and Oracle Database
Business-Process-as-a-Service (BPaaS), such as payroll management and accounting solutions via ADP Workforce Now, Intuit QuickBooks Online, Workday, and Oracle NetSuite

The Software as a Service market in Hungary has been steadily growing due to its average growth rate. Factors such as increasing adoption of cloud technologies and growing demand for online services are driving this growth. Additionally, the convenience and cost-effectiveness of SaaS solutions are also contributing to the market's expansion.

Customer preferences: With the rapid growth of the Software as a Service Market within the Public Cloud Market in Hungary, there has been a noticeable increase in the adoption of cloud-based collaboration and project management tools. This trend is driven by the growing remote workforce and the need for efficient and accessible communication and project management solutions. Additionally, the trend towards flexible work arrangements and the rise of digital nomads has further fueled the demand for cloud-based productivity tools.

Trends in the market: In Hungary, the Software as a Service Market within the Public Cloud Market is experiencing a shift towards hybrid cloud solutions, where companies are using a combination of both public and private cloud services for their IT needs. This trend is significant as it allows for greater flexibility, cost-effectiveness, and scalability for businesses. Furthermore, there is a growing demand for cloud-based collaboration tools, such as project management and communication platforms, as more companies adopt remote work arrangements. This trend has implications for industry stakeholders, as they must ensure that their SaaS offerings are reliable, secure, and adaptable to changing needs.

Local special circumstances: In Hungary, the Software as a Service Market within the Public Cloud Market is heavily influenced by the country's unique geographical and cultural factors. The country's central location in Europe, coupled with its strong tech industry, has led to a growing demand for cloud-based solutions. Additionally, the government's efforts to digitize public services and promote digital transformation have further accelerated the adoption of SaaS in various sectors. The country's favorable regulatory environment and low labor costs also make it an attractive market for international SaaS providers.

Underlying macroeconomic factors: The growth of the Software as a Service Market within the Public Cloud Market in Hungary is heavily impacted by macroeconomic factors such as technological advancements, government policies and investments, and the overall economic health of the country. In recent years, Hungary has seen a significant increase in its digital transformation efforts, with the implementation of various initiatives to support the adoption of cloud-based solutions. The country's strong economic growth and favorable business environment have also attracted investments from major players in the software industry, further driving the growth of the SaaS market in the public cloud sector. Additionally, the rising demand for cost-effective and scalable software solutions, coupled with the increasing popularity of subscription-based models, is expected to fuel the growth of the SaaS market in Hungary in the coming years.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Together with platform as a service (PaaS) and infrastructure as a service (IaaS), software as a service (SaaS) is one of the three primary tiers of cloud computing. It allows businesses to redirect resources away from IT hardware, software, and personnel expenses, and towards other business needs. Currently, the most prominent companies in the SaaS market are Microsoft, Salesforce, Oracle, SAP, and Google.