Boston, MA -- (SBWIRE) -- 06/04/2014 -- The economic environment will become more supportive of IT market expansion in 2014, however with business and consumer confidence remaining fragile in the context of external risks we do not expect a sharp uptick in spending. Despite these challenges there are solid fundamentals for medium-term growth. In the retail market relatively low penetration rates, combined with declining device prices, particularly in the tablet market, will see Hungary outperform developed markets in terms of growth rates.

Meanwhile, the dispersal of EU funds for projects and Hungarian IT firms, the modernisation by Hungarian enterprises as they face the pressures of international competition and cloud computing demand will all drive spending growth.

Headline Expenditure Projections

Computer Hardware Sales: HUF296.5bn in 2013 to HUF303.8bn in 2014, an increase of 2.5% in local currency terms. We expect tablet volume growth will slow slightly in 2014, but this will be offset by the deceleration in the decline in desktop and notebook volumes.

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Software Sales: HUF176.5bn in 2013 to HUF187.8bn in 2014, an increase of 6.4% in local currency terms. Software is forecast to be the outperforming segment in 2014, driven by demand for ERP and security software.

IT Services Sales: HUF233bn in 2013 to HUF247.6bn in 2014, an increase of 6.3% in local currency terms. Cloud computing services are the fastest area of growth, but outsourcing is also growing in popularity among Hungarian enterprises.

Key Trends And Developments

The government in Hungary is continuing reforms to create a more supportive policy environment for IT market expansion. For instance, in March 2014 the government announced a set of measures to bolster Budapest's credentials as a startup hub, as it hopes to position the city as a regional startup centre for Central and Eastern Europe. The measures were created via the BudapestHub working group, which contains representatives of domestic startups and staff from the Ministry for National Economy. The first set of measures for 2014 include the incubator program, which will connect start-ups with innovation centres, and the Open/Living Labs program, which will link start-ups with large enterprises.

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