The following section aims to provide a holistic overview on the situation of the Hungarian ICT market and presents the findings of the latest economic footprint research while it also represents the methodology for measuring the digital economy. Profound knowledge on the nature of the industry is inevitable and required to understand the complex nature of digital transformation.
About the sector, the significance of ICT
The ICT sector is one of the most dynamically developing industries in the world, including Hungary. Due to our globalized and digitalized world, ICT has a tremendous influence on essentially every aspect of our lives. Firms who are dedicated to remain competitive and desire to achieve sustainable success and long-term profitability must integrate ICT solutions into their operations, as these systems provide them differentiation and effectiveness on high levels. Furthermore, it is a necessary element of every single industry and an essential component of any effective educational, governmental and social system. It fosters efficiency and productivity on all levels and contributes to adaptability and flexibility that assist the development of a more advanced digital economy.
The Hungarian ICT industry was the only sector that was able to generate growth even during the financial crisis; despite the financial slowdown, the sector has experienced a 4.5% increase in 2012. According to the latest research, it contributes 12% per year to the entire Hungarian GDP. Although the sector has yet to realize its full export potential, continuous increase would create immense economic benefits. 80-90% of the Hungarian ICT sector is made up of SMEs, but finding proper financial options for them is complicated, as investors usually consider these investments risky. Therefore, despite the fact that ICT is one of the most supported industries by venture capital firms, external capital injection is still an unresolved issue for ICT SMEs.
If you would like to know more about the Hungarian digital economy, please read the Footprint Research.