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Hungarian companies spend little on digitalization

Analysis

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Around two-thirds of Hungarian companies consider themselves "more innovative than average", but only about one-fifth have an innovation strategy, and spending on digitalization accounts for just 5% of operating costs, a survey conducted by K&H Bank shows.

The survey showed that only 36% of respondents said the digital transition was important for their business, while 45% said it was not a major issue at the moment.

Hungarian companies continued to innovate during the coronavirus pandemic with 43% introducing new products or services in the past two years. The share was as high as 70% among big corporations.

Some 42% of respondents plan to roll out new products or services in the next 12 months.

The survey shows industrial and service sector companies lead in terms of innovation, while innovation is weakest in the farm sector.

The representative survey involved 360 companies with annual revenue over HUF 300 million.

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