Market Size of Croatia POS Terminals Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 9.80 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Croatia POS Terminals Market Analysis
The Croatia POS Terminals Market is expected to grow at a CAGR of 9.8% over the forecast period (2022-2027). Croatia has had exceptional development in e-commerce owing to a high mobile penetration rate, significant customer confidence in online transactions, and the availability of a safe online gateway. The expansion of contactless payments and POS terminals is now crucial for the country's continued payment growth.
- POS terminals are electronic devices used to process card payments, manage inventory, print bills, and implement loyalty programs in various end-use verticals such as restaurants, hotels, healthcare, retail, warehouse/distribution, and entertainment. The cost of implementing POS terminals varies depending on the size of the company and the terms supplied by the providers.
- Around 4 million people reside here, and tourism is a significant source of income, accounting for more than 19% of the country's GDP. Because tourists prefer card payments and internet payments for their purchases, there is a significant demand for POS terminals. which generates significant demand for POS terminals.
- Every year there are several e-commerce events organized in Croatia, these are the major online events in Europe. Which could result in creating opportunies for POS terminals market in this country.
- The increase in adoption of smart phone across the country results in rising the demand POS terminals. For instance, In 2021, According to the International Trade Administration of the United States, 98% of young Croatians use smartphones to access the internet. As a result, mobile phones are likely to be the primary instrument for making internet transactions.
- Also the increase in online retail sales help the vendors to grow their business in croatia. According to the CEIC data, Croatia's retail sales increased 14% year on year in July 2022, compared to a 9.8% increase the previous month. The recorded average growth rate from Jan 2001 to July 2022 accounted for 3.1%.
- The key players in the country are focusing on developing its digital banking solutions, which could create more opportinities for POS terminals in the near future. For instance, N.E.C. Payments has spent seven years building a strong technological and regulatory-licensed fintech platform that allows it to currently offer a geographically distinct digital banking-as-a-service solution. Now it has a strong presence for its products and services with customers in Europe, the Middle East, and Africa.
- The covid has signficantly boosted the market with contactless payments in the country and have resulted in positive growth in the market. However, the market faces challenges with security concerns due to the usage of critical information.
Croatia POS Terminals Industry Segmentation
A point-of-sale (POS) terminal is a hardware system for processing card payments at retail locations. A point-of-sale (POS) system combines computer hardware and software that manages transactions while selling a product or service. Software to read magnetic strips of credit and debit cards is embedded in the hardware. It helps in storing, collecting, sharing, and reporting sales transaction data. It improves the shopping experience and speeds up the checkout process, resulting in increased consumer satisfaction. Inventory management, stock in hand, product availability, and price information are the primary data obtained from the systems.
Croatia POS Terminal Market is segmented by Mode of Payment Acceptance(Contact-based, Contactless ), by Type( Fixed Point-of-sale Systems, Mobile/Portable Point-of-sale Systems), by End-User Industry (Retail, Hospitality, Healthcare)
By Type | |
Fixed Point-of-sale Systems | |
Mobile/Portable Point-of-sale Systems |
By End-User Industry | |
Retail | |
Hospitality | |
Healthcare | |
Others |
Croatia POS Terminals Market Size Summary
The Croatia POS Terminals Market is experiencing significant growth, driven by the country's robust e-commerce development and high mobile penetration. The increasing adoption of contactless payments and the expansion of POS terminals are pivotal for sustaining the growth of payment systems in Croatia. POS terminals, essential for processing card payments and managing various business operations, are in high demand across sectors such as retail, hospitality, and healthcare. The tourism industry, a major contributor to Croatia's GDP, further fuels this demand as tourists prefer cashless transactions. The rise in smartphone usage and online retail sales also contribute to the market's expansion, with key players focusing on enhancing digital banking solutions to capitalize on these trends.
The market is characterized by a moderate level of competition, with numerous regional players engaging in strategic collaborations, acquisitions, and product launches to enhance their market presence. The introduction of NFC technology and the increasing popularity of contactless payment methods, such as "tap-to-pay," are reshaping the payment landscape. Partnerships, like those between SumUp and PrestaShop, are enabling SMEs to expand their business capabilities, while innovations such as PayPal's softPOS solution are meeting the evolving consumer payment preferences. Despite challenges like security concerns, the market continues to grow, supported by technological advancements and the increasing integration of cryptocurrency payments in retail.
Croatia POS Terminals Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Market Sizing and Estimates of Croatia POS Terminals Market
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1.3 Industry Value Chain Analysis
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1.4 Industry Attractiveness - Porter's Five Force Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Assessment of COVID-19 Impact on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Fixed Point-of-sale Systems
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2.1.2 Mobile/Portable Point-of-sale Systems
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2.2 By End-User Industry
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2.2.1 Retail
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2.2.2 Hospitality
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2.2.3 Healthcare
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2.2.4 Others
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Croatia POS Terminals Market Size FAQs
What is the current Croatia POS Terminals Market size?
The Croatia POS Terminals Market is projected to register a CAGR of 9.80% during the forecast period (2024-2029)
Who are the key players in Croatia POS Terminals Market?
Web Studio WSPay, VeriFone, Inc., Monri, NEC Corporation and myPOS World Ltd. are the major companies operating in the Croatia POS Terminals Market.