The Management Consultancy Activities sector in Hungary has shown a robust growth trajectory from 2013 to 2023, with the value rising from 352.95 billion Forints in 2013 to 855.87 billion Forints in 2023. The year-on-year growth percentages have fluctuated over this period, peaking in 2015 with an 18.99% increase, and experiencing notable years of growth such as 2017 (16.84%) and 2020 (14.33%).
Over the more recent years, the sector has maintained strong momentum with significant value increases: 14.33% in 2020, 6.15% in 2021, 7.77% in 2022, and 7.14% in 2023. The five-year compound annual growth rate (CAGR) leading up to 2023 stands at an impressive 8.75%, showing a steady positive trend.
Looking ahead, the forecasted data from 2024 to 2028 predicts a continued upward trend, with the sector expected to reach 1132.60 billion Forints by 2028. The forecasted five-year CAGR is projected at 4.42%, indicating sustained growth, albeit at a slightly moderated pace compared to historical growth rates.
Future Trends to Watch For:
- Increased digital transformation and integration of AI in consultancy practices.
- Expanding demand for strategic sustainability consulting as businesses seek to adhere to ESG criteria.
- Growing need for cybersecurity consultancy services amidst rising cyber threats.
- Strategic shifts in consultancy service offerings to cater to evolving market needs and technological advancements.
