DUBLIN, Nov. 29, 2023 /PRNewswire/ — The “India Point Of Sale Terminals Market Outlook 2023-2029: Market Forecast?by Types, by Technology, by Product Types, by Applications, by Regions and Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
India’s Point-of-Sale Terminal Market revenue is projected to grow at a CAGR of 24.1% from 2023-2029
India’s digital payment market growth is revolutionary, facilitated by various initiatives by the Government and the Reserve Bank of India (RBI). Given its status as the second-most populous country and the increased presence of major card providers in recent years, India is a crucial market for PoS terminals.
India Point-of-Sale (PoS) Terminal Market is running at a faster pace. In the year 2016-17, imports experienced a nearly fivefold increase primarily due to the impact of demonetization. Following this, import figures remained steady for the next few years, averaging around 0.8 million units annually. However, in 2019-20, the number of imports nearly doubled, reaching 1.78 million units.
The import numbers for the first quarter of FY21 declined due to the effects of COVID-19 on supply chains and reduced demand. During the initial four months of the financial year 2021, 0.37 million units were imported. There are several factors that are expected to contribute to the further increase in the adoption of Point-of-Sale (PoS) terminals.
These growth enablers include relaxed government regulations on digital payments, a shift towards cashless transactions, the introduction of value-added features in PoS terminals, and higher demand from specific sectors.
The COVID-19 pandemic has created a significant opportunity for NFC technology-based PoS terminals, which enable contactless transactions. PoS terminals equipped with features to support UPI are in high demand in large retail stores to expedite the billing process. Additionally, the micro-ATM sector (PoS terminals) is experiencing growth as it is widely used for AePS-based payments
. The Point-of-Sale Terminal Market in Indonesia is anticipated to continue expanding as the payments infrastructure undergoes modernization and payment cards gain greater acceptance. These factors are expected to play a crucial role in driving market growth in the coming years.
Market by Types
Software-based Point-of-Sale (POS) terminals are expected to experience the highest growth in the future in India as it can be easily deployed and scaled according to business needs. Updates and upgrades can be done remotely, eliminating the need for physical hardware replacements. This flexibility makes them attractive to businesses of all sizes, including small and medium enterprises (SMEs) that may have limited resources.
Market by Technology
Fixed segment by technology is growing more in the market and the similar segment has more chances to grow more effectively in the years to come.
Market by Product Types
Smart Point-of-Sale (POS) terminals are expected to experience the highest growth in the future in India as Smart POS terminals can leverage emerging technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). These technologies can enable features like facial recognition for secure payments, personalized recommendations based on past purchases, and predictive analytics for inventory management.
Market by Applications
POS demand from the grocery segment is currently dominating the market and has more chances to rise in the market even in the near future. The increasing adoption of cash-on-delivery options through on-site payment methods such as debit/credit cards by major e-commerce platforms following the pandemic is expected to drive the demand for POS terminals in the grocery sector in the coming years.
Market by Regions
The demand for POS terminals is expected to grow more in North India in the years to come. The segment is still flourishing and will flourish more in the future.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Historical Data and Forecast of India Point-of-Sale Terminal Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of India Point-of-Sale Terminal Market Revenues, By Types for the Period 2019-2029F
- Historical Data and Forecast of India Point-of-Sale Terminal Market Revenues, By Product Types for the Period 2019-2029F
- Historical Data and Forecast of India Point-of-Sale Terminal Market Revenues, By Technology for the Period 2019-2029F
- Historical Data and Forecast of India Point-of-Sale Terminal Market Revenues, By Applications for the Period 2019-2029F
- Historical Data and Forecast of India Point-of-Sale Terminal Market Revenues, By Regions for the Period 2019-2029F
- Market Drivers, Restraints
- Market Evolution and Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Market Competitive Landscape
- Company Profiles
- Key Strategic Recommendations
- Evolute Group
- Ezetap Mobile Solutions Private Limited
- MobiSwipe Technologies Private Limited
- Mswipe Technologies Private Limited
- NGX Technologies Pvt. Ltd
- PAX Global Technology Limited
- Payswiff Solutions Private Limited
- Verifone Inc.
- VISIONTEK, Linkwell Telesystems Pvt. Ltd
Market Scope and Segmentation
By Product Types
- Liquor Stores
- Pet Products stores
- Clinics & Diagnostics Centres
- Beauty & Wellness
- Bars & Restaurants
- Furniture & Home Decor
For more information about this report visit https://www.researchandmarkets.com/r/yukpvy
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Originally published at https://www.prnewswire.com/news-releases/india-point-of-sale-terminals-market-outlook-2023-2029-micro-atms-and-aeps-payments-drive-pos-terminal-growth-302000645.html
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