Market Trends of Ireland POS Terminals Industry
This section covers the major market trends shaping the Ireland POS Terminals Market according to our research experts:
The Retail Segment is Expected to Grow Significantly
- Irish consumers are boosting the use of mobile devices for shopping purposes, such as smartphones and tablets, which provides increased convenience and easier processes. Retailers focus on capitalizing on the behavior by implementing solutions that accommodate device-carrying customers, such as mobile POS systems.
- According to the Central Statistics Office, nearly all (95%) internet users will use their smartphones or mobile phone to access the internet in Ireland in 2021. Which shows people in Ireland rely highly on the internet for web shopping and other payment-related activities, which is, in turn, boosting the POS terminal market.
- The increasing need for multiple POS systems among big retailers, supermarkets, and departmental stores with a robust and centralized system has propelled the retail sector's steady growth in the POS terminal market. The increased emphasis on consumer behavior has led to increased POS adoption due to its consumer mapping application.
- Retail firms are investing in Ireland to meet the rising demand of customers. For instance, In January 2022, Lidl, a grocery store, announced that it is launching into the Northern Ireland retailing world with its plan to add another nine stores to its portfolio. It anticipates up its total number of stores in the province to 50 by 2030. It will significantly boost the wider retail sector and local economy.
- According to Worldpay, debit card use in Irish stores stayed relatively the same during the COVID-19 pandemic, while the share of cash declined fast. Indeed, when combining the market shares of debit cards and credit cards, cards accounted for over two-thirds of the money spent in POS.
Understand The Key Trends Shaping This Market
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Mobile Point-of-sale system is expected to drive the market
- A mobile point-of-sale (mPOS) system is a more efficient replacement for the conventional POS. Users of a mobile point-of-sale system can collect payments using tablets and other mobile devices without being bound to a fixed POS register. Both wireless payments and payments using a credit card magstripe reader are possible. An mPOS system uses a mobile phone's data connection to conduct transactions.
- Mobile POS systems are gaining traction as they allow sales and service industries to conduct the transaction at the customer's location, adding flexibility to the whole process and improving customer experience.
- Future development of POS terminals is anticipated to be influenced by the expansion of e-commerce and the integration of traditional retail operations with online retail practices. A rapid surge in the use of mobile POS terminals has been observed as a result of major e-commerce platforms offering the option of cash on delivery.
- As companies expand their respective services in response to the rising demand for contactless, user-friendly payment methods, the category is expected to drive the market. Since mPOS solutions are created specifically for tablets rather than desktop computers, the trend toward smaller, more portable devices will likely propel the market's expansion.
- In June 2021, -Mila Inc., the European on-demand technical support company, announced its partnership with SumUp, a global payment solution provider. SumUp offers payment solutions to small companies and entrepreneurs who can pay smoothly and securely with a card and at transparent and affordable conditions.
