Market Size of Slovakia POS Terminal Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 8.81 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Slovakia POS Terminal Market Analysis
The Slovakia POS terminal market is expected to grow at a CAGR of 8.81% during the forecast period 2022-2027. Cash payments dominate the mode of payment in Slovakia. According to data shared by the National Bank of Slovakia, cash payments accounted for over two-thirds of all transactions over the past five years as of June 2021.
- In the current market scenario, POS terminal systems have evolved from transaction-oriented devices to systems that support and integrate into businesses' CRM and other financial solutions. This instance allowed companies to leverage captured transactional data through POS terminals to business intelligence.
- The ongoing move towards digitalization has pushed banks of Slovakia to increase customer comfort so that clients have the opportunity to pay conveniently and quickly. This is supported by the growing number of contactless payments by card, mobile phone, or smartwatch. This form of payment is on the rise at the expense of cash due to its ease of use and the growing network of merchants accepting these payments.
- The Slovak Republic's e-commerce industry has been thriving in recent years. The majority of e-commerce enterprises saw record sales in 2021. The Slovak e-commerce business generated approximately EUR 2 billion in revenue in 2021. These data show a about 12% rise over the previous year. The rise in e-commerce sales also drives demand for POS terminals across the country.
- Modern POS terminals reduce the cost of setup, deployment, maintenance, and power consumption over time, leading to the total cost of ownership. Various vendors offer modular POS terminals with attributes such as touchscreen displays and low power consumption, which helps in reducing the overall cost of ownership. Companies such as Sharp Electronics, Aures Technologies, and others offer fixed POS solutions with touchscreen displays and robust processors that help improve operations and reduce failures. In addition, the POS offered by Aures comes with fanless temperature control to reduce the number of moving parts in a terminal.
- New regulations from the government are also complementing the market with ease of payment methods and options for payment network providers. Since February 2022, the SEPA Instant Credit Transfer (SCT Inst) scheme has been used in Slovakia, where three payment service providers (PSPs) have joined the scheme.
- The payment behavior of Slovaks was significantly affected by the COVID-19 pandemic. The market witnessed a growth in the volume of non-cash payments made at point-of-sale (POS) terminals in the last year, which increased by double-digits. As a result, the use of mobile cashless payments increased significantly. In 2021, the number of mobile payments increased by more than 100%; This has further increased the demand for mobile POS terminals in the market.
Slovakia POS Terminal 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 store, collect, shares, and report 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.
Slovakia 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 | |
Entertainment | |
Healthcare | |
Hospitality | |
Other End-User Industry |
Slovakia POS Terminal Market Size Summary
The Slovakia POS terminal market is experiencing significant growth, driven by the shift towards digital payment solutions and the increasing adoption of contactless payment methods. As cash transactions remain dominant, the market is evolving with POS systems integrating into broader business solutions, enhancing customer relationship management and financial operations. The rise of e-commerce in Slovakia has further fueled the demand for POS terminals, as online shopping continues to gain popularity. Modern POS terminals are designed to be cost-effective, with features that reduce setup and maintenance expenses, making them attractive to businesses looking to streamline operations and improve customer engagement.
The competitive landscape of the Slovakia POS terminal market is characterized by the presence of numerous regional players who are actively engaging in strategic collaborations, acquisitions, and product innovations to enhance their market position. Companies like SumUp and PayPal are introducing new solutions such as digital wallets and software-based POS systems to cater to evolving consumer preferences. The expansion of internet services and the introduction of NFC-enabled devices have also contributed to the increased demand for mobile POS terminals. As retailers and service providers continue to invest in advanced payment solutions, the market is poised for further growth, supported by favorable government regulations and the ongoing digital transformation in the region.
Slovakia POS Terminal 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 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Assessment of COVID-19 Impact on the POS System Market
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1.4 Market Drivers
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1.4.1 Increased Payments from NFC-Compatible Smartphones and Smart Cards
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1.4.2 Significant Rise in the Demand for Contactless and Mobile POS Terminals
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1.5 Market Challenges
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1.5.1 Security Concerns Due to the Usage of Critical Information
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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 Entertainment
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2.2.3 Healthcare
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2.2.4 Hospitality
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2.2.5 Other End-User Industry
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Slovakia POS Terminal Market Size FAQs
What is the current Slovakia POS Terminal Market size?
The Slovakia POS Terminal Market is projected to register a CAGR of 8.81% during the forecast period (2024-2029)
Who are the key players in Slovakia POS Terminal Market?
Sumup Inc., PAX Technology, Sharp Electronics, eKasa and myPOS World Ltd. are the major companies operating in the Slovakia POS Terminal Market.