Market Size of Ireland POS Terminals Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 8.55 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Ireland POS Terminals Market Analysis
The Ireland POS Terminal market is expected to register a CAGR of 8.55% during the forecast period of 2022-2027. Due to its increased return on investment potential and accessibility, the POS terminal market has experienced rapid growth in recent years. POS systems, which simplify transactions from the core of organizations in a variety of sectors, including retail, hospitality, transportation, and banking, have grown in importance in enterprises of all sizes throughout time.
- 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 for business intelligence.
- As per the Central Bank of Ireland, During 2020, 2.14 billion payment transactions were recorded by Irish resident payment service providers (PSPs), a 12 percent increase from 2019. Payment transactions by non-MFIs include credit transfers, direct debits, payments made using cards, cheques, e-money transactions, and over-the-counter deposits and withdrawals.
- The rising financial frauds across the world have influenced government regulatory bodies to secure payment transactions over the past few years. With customers demanding safe and reliable digital transactions, the need for using secure payment processes has increased. These regulatory bodies, therefore, have impacted the adoption of POS terminals in a positive manner. With the increasing mobility trends across the world, mobile POS systems are gaining traction. With the advent of cashless transactional technologies, POS has witnessed an increase in adoption rates.
- The government in the country is taking initiatives that will further boost the usage of POS terminals. For instance, In Jul 2022, the Government of Ireland announced the launch of a new national digital strategy, The Digital Ireland Framework, to drive and enable the digital transition across the Irish economy and society. The digital framework will ensure the widespread access and use of inclusive digital public services, with a target of 90% of services to be consumed online by 2030.
- Additionally, the COVID-19 outbreak has drastically altered consumer purchasing behavior across a number of market segments. The pandemic had a consequential impact on the retail industry. Consumers are more aware of various forms of payment, such as contactless and curbside pickup, as well as social commerce or online buying through social media platforms.
Ireland POS Terminals Industry Segmentation
The Ireland Point of Sale (POS) Terminal Market is Segmented by Type (Fixed Point of Sale Terminals, Mobile/Portable Point of Sale Terminals), End-user Industry (Retail, Healthcare, Hospitality and Entertainment).
The Point of sale is the time and location where a transaction is completed. A POS system is computer hardware and software that controls the transaction while selling a product or a service. It helps to capture, share, store, and report data related to sales transactions. It eases the shopping experience and helps to expedite the checkout process, resulting in customer satisfaction.
BY TYPE | |
Fixed Point-of-sale Systems | |
Mobile/Portable Point-of-sale Systems |
By End-User Industry | |
Retail | |
Healthcare | |
Hospitality | |
Entertainment | |
Other End-User Industries |
Ireland POS Terminals Market Size Summary
The Ireland POS terminal market is experiencing significant growth, driven by the increasing demand for efficient and secure payment solutions across various sectors such as retail, hospitality, transportation, and banking. The evolution of POS systems from mere transaction tools to integrated business solutions has enhanced their value, enabling businesses to utilize transactional data for strategic insights. The rise in digital transactions, fueled by consumer preferences for contactless and mobile payments, has further accelerated the adoption of POS terminals. Government initiatives, such as the Digital Ireland Framework, aim to enhance digital infrastructure, promoting the widespread use of digital payment solutions, including POS systems.
The market is characterized by a shift towards mobile POS systems, which offer flexibility and convenience by allowing transactions to be conducted at the customer's location. This trend is supported by the growing use of smartphones and tablets for shopping, as well as the integration of e-commerce with traditional retail operations. The COVID-19 pandemic has also played a role in changing consumer behavior, increasing the demand for contactless payment methods. Key players in the market, such as Verifone and SumUp, are actively expanding their offerings to meet the evolving needs of retailers and consumers. The market's fragmentation is evident with new entrants and partnerships, such as those between Mila Inc. and SumUp, and DNA Payments with Verifone, aiming to enhance payment solutions and streamline merchant operations.
Ireland POS Terminals 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 Market Sizing and Estimates of Ireland POS Terminals Market
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1.3 Industry Value Chain Analysis
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1.4 Industry Attractiveness - Porter's Five Force Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Assessment of COVID-19 Impact on the Market
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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 Healthcare
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2.2.3 Hospitality
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2.2.4 Entertainment
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2.2.5 Other End-User Industries
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Ireland POS Terminals Market Size FAQs
What is the current Ireland POS Terminals Market size?
The Ireland POS Terminals Market is projected to register a CAGR of 8.55% during the forecast period (2024-2029)
Who are the key players in Ireland POS Terminals Market?
Shopify Inc., Postree, Sumup Inc., VeriFone System Inc. (Francisco Partners) and Block, Inc., Squareup Pte. Ltd. are the major companies operating in the Ireland POS Terminals Market.