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Estonia POS Terminal Market Size (2024 - 2029)

The Estonia Point Of Sale terminal market is experiencing significant growth, driven by the country's advanced digital payment infrastructure and high adoption of non-cash payment methods. As a leader in card payments and a pioneer in digital financial solutions, Estonia's market size is expanding due to the European Commission's efforts to enhance payment acceptance for merchants. Despite challenges such as a declining population, the shift towards a cashless society, accelerated by the COVID-19 pandemic, has further increased the demand for POS terminals, contributing to the market's robust expansion.

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Market Size of Estonia POS Terminal Industry

Estonia POS Terminal Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 14.30 %
Market Concentration Low

Major Players

Estonia POS Terminal Market Major Players

*Disclaimer: Major Players sorted in no particular order

Estonia POS Terminal Market Analysis

Estonia Point Of Sale terminal market is expected to grow at a CAGR above 14.3% during the forecast period, 2022-2027. Estonia is a frontrunner for card payments, and its community was among the first to adhere to the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) in 2017.

  • Estonians rank highly for their use of cards and other non-cash payments because of their literacy in digital payments and the broad acceptance and use of cards without minimum thresholds. In the early 1990s, we built our financial and payment infrastructure from scratch using the best technologies available.
  • Estonia is set out to become a digital nation where banks act as fintechs, advancing digital payment solutions and building up high expectations among payment service users.
  • The efforts by the European Commission to simplify the payment acceptance facilities of merchants are also triggering the market's growth. Till 2023, as part of the retail payments strategy, the European Commission has an action plan to support the modernization and simplification of EU merchants' payment acceptance facilities. This support could be achieved by guidance and awareness-raising amongst national retailers.
  • However, the country's sharp decline in birth rate has been the topic of discussion. According to IMF, the country's population is forecasted to remain at 1.33 million by 2027. The decline in population can have a negative impact on the long term usage of POS Terminals market.
  • The move to a cashless society was in full swing before COVID-19. However, the perceived risk of infection accelerated it via hard currency. Before the pandemic, cash accounted for around 44% of in-store payments in Europe, according to Worldpay's Global Payments Report. Already being a digitally fueled economy, the country witnessed a significant surge in demand for PoS Terminals.

Estonia POS Terminal Industry Segmentation

  • Estonia PoS Terminal market covers the number of terminals sold in a particular year.
  • Fixed POS terminals include devices such as PC-based workstations, namely PC-class Processor-based and LAN available terminals. Also, PC on Cash Drawer Devices (PCOCD) and self-checkout (unattended terminals) are part of the scope.
  • Mobile/Portable devices such as tablets of all sizes and handheld terminals with or without payment processing capabilities are considered. This specific segment caters to the devices used to process a transaction/information. mPOS systems are linked to traditional transaction peripherals, including credit card machines, receipt printers, or scanners, and run on tablets, allowing the user to quickly process a transaction from anywhere on the floor or open a new lane/terminal. Devices are considered with or without credit/debit readers.
  • The market is further categorized to include end-users across Estonia, such as retail, healthcare, hospitality, etc. Also, a detailed COVID-19 impact on the market studied is made part of the study.
By Type
Fixed Point-of-sale Systems
Mobile/Portable Point-of-sale Systems
By End-user Industry
Retail
Entertainment
Healthcare
Hospitality
Other End-user Industries
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Estonia POS Terminal Market Size Summary

The Estonia Point Of Sale (POS) terminal market is poised for significant growth, driven by the country's advanced digital payment infrastructure and high adoption rates of non-cash payment methods. Estonia has been a pioneer in embracing card payments and was among the first to adopt the Single Euro Payments Area Instant Credit Transfer system. The nation's commitment to becoming a fully digital society, where banks operate as fintechs, is further propelling the demand for POS terminals. The European Commission's efforts to streamline payment acceptance for merchants are also contributing to market expansion. Despite challenges such as a declining birth rate, which may impact long-term POS terminal usage, the shift towards a cashless economy, accelerated by the COVID-19 pandemic, has led to a surge in demand for these devices.

The retail sector in Estonia, which has been thriving since the country's independence, plays a crucial role in the POS terminal market's growth. With a high number of shopping centers and a burgeoning fashion retail segment, the demand for POS terminals is on the rise. The capital, Tallinn, along with other major cities, is witnessing the development of modern shopping centers, further boosting market demand. Economic reforms, NATO and EU membership, and rising GDP have enhanced Estonia's economic viability, leading to increased healthcare expenditure and, consequently, a higher demand for POS terminals in the healthcare sector. The market is consolidated, with major players focusing on strategic partnerships and regional expansion to capture new customers. Recent innovations, such as myPOS's new payment terminal, and collaborations like SumUp's partnership with N26, highlight the ongoing efforts to promote cashless payment solutions across Europe.

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Estonia POS Terminal Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Intensity of Competitive Rivalry

      5. 1.2.5 Threat of Substitutes

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment of Impact of COVID-19 on the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Fixed Point-of-sale Systems

      2. 2.1.2 Mobile/Portable Point-of-sale Systems

    2. 2.2 By End-user Industry

      1. 2.2.1 Retail

      2. 2.2.2 Entertainment

      3. 2.2.3 Healthcare

      4. 2.2.4 Hospitality

      5. 2.2.5 Other End-user Industries

Estonia POS Terminal Market Size FAQs

The Estonia POS Terminal Market is projected to register a CAGR of 14.30% during the forecast period (2024-2029)

myPOS, SumUp Inc, Ingenico, Ektaco AS and Square (Block Inc.) are the major companies operating in the Estonia POS Terminal Market.

Estonia POS Terminal Report Snapshots

Estonia POS Terminal Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)