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Hungary POS Terminal Market Size (2024 - 2029)

The Hungary POS terminal market is experiencing significant growth, driven by the evolution of POS systems from transaction-focused devices to integrated solutions that support business intelligence through CRM and financial interfaces. The demand for contactless payment technologies has surged, particularly due to the COVID-19 pandemic, which has impacted the wholesale and retail sectors. The increasing number of online shoppers and the rising urban population are key factors contributing to the market's expansion. Additionally, the growing use of the internet for selling goods and services is expected to further enhance the market's potential. However, concerns over security and the handling of critical information may pose challenges to the market's growth trajectory.

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Market Size of Hungary POS Terminal Industry

Hungary POS Terminal Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 13.87 %
Market Concentration Medium

Major Players

Hungary POS Terminal Market Major Players

*Disclaimer: Major Players sorted in no particular order

Hungary POS Terminal Market Analysis

The Hungary POS terminal market is expected to register a CAGR of 13.87% over the next five years. The POS terminal systems have changed in the present market from transaction-oriented devices to systems that support, assist, and interface with organizations' CRM and other financial solutions. This situation has made it possible for businesses to use POS terminal-captured transactional data for business intelligence purposes.

  • The wholesale and retail sectors remain among the most significant pillars of the Hungarian economy. But due to Covid 19 and the subsequent restrictions, both sectors have been the hardest hit. However, the COVID-19 pandemic created a demand for contactless payments, enhancing the total need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.
  • The rise in online shoppers is one of the pivotal factors augmenting the total market in Hungary. For instance, as per the Hungarian Central Statistical Office, the total share of online shoppers grew significantly in Hungary. Last year, the overall share of people shopping online reached nearly 74.3%.
  • Furthermore, the total share of urban population in Hungary is huge and growing year-on-year. As per World Bank, last year, 72.25% of Hungary's total population lived in urban areas and cities, whereas in 2020, 71.94% of Hungary's total population lived in urban areas and cities. This shows a greater degree of urbanization in Hungary, which acts as one of the key drivers of the market that will positively impact its market growth.
  • Moreover, Hungary's overall share of individuals using the internet to sell goods or services has risen significantly in the last few years. According to Eurostat, households accessing the internet increased to 93% in the previous year. This rise in the overall usage of the internet to sell goods or services by individuals in Hungary will boost the Hungary POS terminal market and is expected to create ample opportunities in the upcoming days.
  • On the other hand, the steady growth in security concerns due to the usage of critical information while using the POS terminal could be a factor that can stifle the market growth in Hungary.

Hungary POS Terminal Industry Segmentation

A POS terminal is an electronic tool applied at retail places to conduct card payments. It accepts and processes the cardholder's payment. The terminal's duties involve reading the data of a client's credit/debit card, transferring the money from the client's account to the trader's, and recording the transaction details.

The Hungary POS Terminal Market is segmented by Type (Fixed Point-of-sale Systems, Mobile/Portable Point-of-sale Systems), End-User Industry (Retail, Hospitality, Healthcare).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Type
Fixed Point-of-sale Systems
Mobile/Portable Point-of-sale Systems
By End-User Industry
Retail
Hospitality
Healthcare
Other End-user Industries
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Hungary POS Terminal Market Size Summary

The Hungary POS terminal market is experiencing a transformative shift, evolving from traditional transaction-oriented devices to sophisticated systems that integrate with customer relationship management and financial solutions. This evolution is driven by the increasing demand for business intelligence, leveraging transactional data captured by POS terminals. The market is significantly influenced by the wholesale and retail sectors, which are crucial to Hungary's economy. Despite the challenges posed by the COVID-19 pandemic, which severely impacted these sectors, the demand for contactless payment solutions has surged. This shift is facilitated by technologies such as NFC and RFID, enabling transactions through contactless chip cards and digital interfaces. The rise in online shopping and urbanization further propels market growth, as a substantial portion of Hungary's population increasingly engages in e-commerce and digital transactions.

The digitalization of payments is accelerating the transition to cashless transactions, with debit cards and electronic payment methods gaining prominence. The pandemic has accelerated this trend, leading to a significant increase in card purchases and e-commerce transactions. The growing number of enterprises selling online and the rising share of e-commerce in retail trade turnover are key factors driving market expansion. Despite the market's slight fragmentation due to the presence of a few key players, moderate competition is evident, with companies like Worldline SA and Novopayment leading the charge. Strategic partnerships and technological advancements, such as collaborations with Spreedly and Microsoft Dynamics 365 Fraud Protection, are enhancing the market's capabilities, addressing challenges like online payment fraud, and improving business expense management.

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Hungary POS Terminal Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

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

  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 Hospitality

      3. 2.2.3 Healthcare

      4. 2.2.4 Other End-user Industries

Hungary POS Terminal Market Size FAQs

The Hungary POS Terminal Market is projected to register a CAGR of 13.87% during the forecast period (2024-2029)

Worldline SA, Novopayment, SRS Informatika Kft., B-Payment Szolgáltató Zrt. and Quadrapay are the major companies operating in the Hungary POS Terminal Market.

Hungary POS Terminal Report Snapshots

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