Enterprise Software - Hungary

Hungary

The Enterprise Software market in Hungary is expected to reach a revenue of US$382.20m by 2024.
The dominant segment in this market is Customer Relationship Management Software, which is projected to have a market volume of US$111.30m by 2024.
The revenue is forecasted to grow at an annual rate of 6.67% (CAGR 2024-2029), resulting in a market volume of US$527.80m by 2029.
The average Spend per Employee in the Enterprise Software market is projected to be US$75.87 in 2024.
In comparison to other countries, United States is expected to generate the highest revenue of US$150.50bn in 2024.
Hungary is experiencing a surge in demand for enterprise software solutions, driven by the country's growing tech sector and emphasis on digital transformation.

Key regions: France, United Kingdom, Australia, Canada, South Korea

Definition:

The Enterprise Software market covers software applications designed to support essential business activities by large organizations such as enterprise resource planning, customer relationship management, business intelligence, and supply chain management.

Products in the Enterprise Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Structure:

The Enterprise Software market contains eight markets that are based on the functionality of the software:

Business Intelligence Software refers to software applications that support organizations to analyze, visualize, and report data.
Content Management Software refers to a wide range of software applications that support organizations to manage their digital content such as documents, images, and videos.
Customer Relationship Management Software refers to software applications that support organizations to manage their interactions with customers, clients, and prospects.
eCommerce Software refers to a wide range of software applications that support organizations to manage their online sales channels.
Enterprise Performance Management Software refers to software solutions that help organizations to manage and improve their performance across various areas, such as finance, operations, and strategy.
Enterprise Resource Planning Software refers to software applications that support organizations to manage, integrate and optimize important business activities related to resources such as people, finance, capital, materials, and orders.
Supply Chain Management Software refers to software applications that support organizations to manage their supply chain activities such as inventory optimization, supplier and vendor management, and logistic operations.
AI Development Tool Software refers to a specialized category of software designed to facilitate the creation, testing, deployment, and management of artificial intelligence (AI) models and applications.
Other Enterprise Software refers to aggregated revenues for the types of enterprise software that are not specifically mentioned in the other Enterprise Software markets, such as Project Management Software, Product Life Cycle Management Software, and Production and Operation Software.

Additional Information:

The Enterprise Software market comprises revenue and revenue growth as the 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 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 in this market include SAP, Salesforce, Adobe, and Oracle.

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Market

Region

Region comparison

Currency

Analyst Opinion

Hungary, a landlocked country in Central Europe, has been experiencing a steady growth in its Enterprise Software market.

Customer preferences: Hungarian companies have been showing a growing interest in cloud-based solutions, as they offer more flexibility and cost-effectiveness. Moreover, there has been an increasing demand for software that can help companies automate their processes and optimize their operations. Companies are also looking for software that can help them improve their customer experience and increase their revenue.

Trends in the market: One of the major trends in the Hungarian Enterprise Software market is the growing popularity of Software-as-a-Service (SaaS) solutions. This trend is driven by the benefits that SaaS solutions offer, such as lower upfront costs, easy scalability, and automatic updates. Another trend is the increasing adoption of artificial intelligence (AI) and machine learning (ML) in enterprise software. Hungarian companies are looking for software that can help them automate their processes and make better decisions based on data.

Local special circumstances: The Hungarian Enterprise Software market is characterized by a high level of competition, with both local and international players vying for market share. Local players have the advantage of being able to offer customized solutions that are tailored to the needs of Hungarian companies. International players, on the other hand, have the advantage of offering solutions that are backed by global expertise and resources.

Underlying macroeconomic factors: The Hungarian economy has been growing steadily in recent years, with a focus on innovation and technological advancement. This has created a favorable environment for the growth of the Enterprise Software market. The government has also been providing support to the technology sector, with initiatives such as tax breaks for research and development. The country's strategic location in Central Europe also makes it an attractive destination for companies looking to expand their operations in the region.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was 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, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, 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.