Ireland POS Terminals Market Size

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.