Slovenia Point of Sale (POS) Terminal Market Size

Slovenia Point of Sale (POS) Terminal Market Analysis

The Slovenia POS Terminal Market is expected to register a CAGR of 12.36 % during the forecast period (2022-2027). Systems that can communicate with the company's CRM and other financial solutions have replaced transaction-oriented POS terminals and devices. End users can now manage their revenue streams and inventory more effectively thanks to this improvement thanks to business information. Reduced maintenance costs, exact transactions, and real-time stocks are the key advantages of POS systems. Businesses have shifted from utilizing outdated billing software to POS systems due to the practical benefits that modern POS systems offer, ensuring the market's expansion for POS systems.

• According to the World Bank, Slovenia's consumer spending for 2021 was USD 32.29 billion, a 19.99% increase from 2020. The demand for POS terminals as a convenient payment option increased in direct proportion to the increase in consumer expenditure. Furthermore, it is anticipated that the development of POS terminals would be impacted by the expansion of e-commerce and the integration of traditional and online retail strategies. A rapid increase in mobile POS terminals has been observed as a result of the major e-commerce platforms in the area offering the option of payment upon delivery.
• One of the region's major market drivers is the low cost of ownership compared to other payment channels. The enhanced POS systems provide higher durability and reliability, which leads to a lower cost of ownership, thus raising the demand for POS solutions in both medium and small-sized businesses compared to the traditional system. 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.
• To survive the pandemic and adhere to the new expectations of shoppers in the current scenario, merchants need to use modern POS technology, which would allow them to adapt to market changes quickly (for instance, future lockdowns) and promptly sell both in-store and online. Various businesses have deployed contactless payment options to offer customers touch-free alternatives in response to social distancing requirements and consumer preference for not using cash. As customers are becoming more used to using these payment options, they expect more businesses to provide them with these options.
• Card fraud is evolving heavily, driven by increased customer demands for fast and easy payments. The coronavirus pandemic is also fueling explosive growth in card fraud activity. Point-of-sale fraud is primarily caused by merchants failing to leverage point-to-point encryption (P2PE) solutions to safeguard POS data. Several merchants depend on transmission-level encryption for POS transactions, where card data is encrypted while moving from the POS terminal to the payment processor. The lack of encryption of the card data drives security concerns and adds a risk factor in transactions.