Market Size of Hungary POS Terminal Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
