Internet of Things - Hungary

  • Hungary
  • The IoT market in Hungary is expected to witness significant growth, with projected revenue reaching €1,920.00m in 2024.
  • Among the different segments of the IoT market, Automotive IoT is set to dominate with a projected market volume of €684.10m in the same year.
  • This indicates the strong presence and potential of the automotive industry within the country.
  • Furthermore, the IoT market in Hungary is anticipated to display a robust annual growth rate, with a CAGR of 12.62% between 2024 and 2028.
  • This growth trajectory is expected to result in a market volume of €3,089.00m by 2028.
  • These numbers highlight the promising future of the IoT sector in Hungary and the potential it holds for further development and expansion.
  • When compared globally, it is noteworthy that in China is predicted to generate the highest revenue in the IoT market, with an estimated amount of €527.30bn in 2024.
  • This indicates the dominant position of the United States in terms of IoT market revenue and showcases the country's strong presence in the global IoT landscape.
  • Overall, Hungary's IoT market is poised for significant growth and presents a wealth of opportunities for businesses and investors within the country.
  • The projected revenue and market volumes highlight the potential impact of IoT technologies in various sectors, including automotive, and further solidify Hungary's position in the global IoT market.
  • Hungary is experiencing a growing trend in the Internet of Things market, with a focus on smart home devices and industrial automation solutions.

Key regions: United States, Australia, Canada, China, India

 
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Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports 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 consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. 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.

Vue d’ensemble

  • Revenue
  • Investment
  • Enterprises using IoT
  • Volume
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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