According to TechSci Research report, “India POS Terminal Market – By Region, Competition, Forecast and Opportunities, 2019-2029F” The Point of Sale (POS) Terminal market in India has witnessed significant growth and transformation in recent years, propelled by various factors that reflect the changing landscape of the country's retail and payment ecosystem.
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With the rapid digitalization of the Indian economy, the demand for modern and efficient payment solutions has soared. POS terminals, which allow businesses to accept card payments, have become indispensable tools for retailers, restaurants, and various service providers across the country. One of the key drivers of the Indian POS Terminal market is the government's push for digital payments and financial inclusion. Initiatives like "Digital India" and "Make in India" have encouraged the adoption of electronic payment methods, driving the need for POS terminals. Furthermore, the demonetization moves in 2016 accelerated the shift towards digital payments, compelling businesses to invest in POS infrastructure to cater to the evolving consumer preferences.
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Additionally, the growing middle-class population and increasing consumer spending have fueled the growth of organized retail sectors like supermarkets, hypermarkets, and malls. These establishments are increasingly deploying POS terminals to enhance the shopping experience and facilitate cashless transactions. Moreover, the booming e-commerce industry has led to the proliferation of POS terminals among small and medium-sized online sellers who operate in both urban and rural areas. In recent years, the COVID-19 pandemic has further accelerated the adoption of contactless and digital payment methods, boosting the demand for POS terminals with advanced features like NFC (Near Field Communication) and QR code scanning capabilities. The pandemic-induced safety concerns have prompted businesses to implement touchless payment options, and POS terminals have played a crucial role in meeting this demand.
The Indian POS Terminal market is highly competitive, with a mix of global and domestic players offering a wide range of products and services. The market has also witnessed innovation in terms of mobile POS solutions, enabling smaller businesses and street vendors to accept card payments using smartphones and tablets. Looking ahead, the Indian POS Terminal market is poised for continued growth, driven by factors like government initiatives, changing consumer behavior, and technological advancements. The focus will likely shift towards enhancing the security features of POS terminals to address concerns related to fraud and data breaches. Furthermore, the integration of additional services, such as inventory management and customer relationship management, into POS systems is expected to further drive their adoption among businesses of all sizes.
In conclusion, the Indian POS Terminal market is on a growth trajectory, with evolving consumer preferences, government initiatives, and technological advancements shaping its landscape. As the country continues its digital transformation journey, POS terminals will remain a pivotal tool in enabling secure and convenient electronic payments across various industries.
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The India POS Terminal market is segmented into component, type, and end user. Based on components, the market is segmented into hardware, software, and services. Based on type, the market is segmented into fixed point-of-sale terminals, and mobile/portable point-of-sale terminals. Based on the end user, the market is segmented into entertainment, restaurants, hospitality, healthcare, warehouse/ distribution, retail, and other.
Based on component, the hardware segment in the India POS Terminal market emerges as the dominant and steadfast force, maintaining a commanding influence that is projected to persist throughout the forecast period. The hardware component is the backbone of any POS system, encompassing the physical devices such as terminals, scanners, receipt printers, cash drawers, and other essential equipment. Its prominence can be attributed to the critical role it plays in the seamless functioning of point-of-sale operations across various industries. Businesses, from retail establishments to hospitality services and beyond, rely on robust and reliable hardware to facilitate efficient transactions and deliver superior customer experiences. As technological advancements continue to shape the market, hardware components evolve to meet the increasing demands for speed, security, and versatility. Furthermore, with the widespread adoption of contactless and mobile payment methods, the hardware segment remains at the forefront, adapting to these evolving trends and ensuring businesses have the tools necessary to thrive in the ever-evolving Indian POS landscape.
Key market players in the India POS Terminal market include:
- Verifone Systems India Pvt. Ltd.
- Ingenico India Pvt. Ltd.
- Pax India Pvt. Ltd.
- Mswipe Technologies Pvt. Ltd.
- Pine Labs Pvt. Ltd.
- Infibeam Avenues Ltd.(BillDesk)
- One97 Communications Ltd. (Paytm)
- Amazon India Pvt. Ltd. (Amazon Pay)
- Flipkart Payments Pvt. Ltd. (PhonePe)
- Google India Pvt. Ltd. (Google Pay)
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“The West region of India has undeniably established a commanding and indomitable presence within the nation's POS Terminal market. This region, which encompasses major economic centers like Mumbai, Pune, and Ahmedabad, has been at the forefront of India's economic growth and urban development. Its prominence is particularly pronounced in the POS Terminal market, where it boasts a strong presence across various industry verticals. One of the key factors driving the Western region's dominance is the robust retail sector. Mumbai is home to numerous retail giants, shopping malls, and restaurant chains, all of which heavily rely on advanced POS systems to manage transactions efficiently, monitor inventory, and enhance customer experiences. The demand for POS terminals in organized retail outlets and hospitality establishments has been consistently high in this region. Moreover, the Western region has been quick to embrace technological advancements in the POS landscape. With a strong financial and technological infrastructure, businesses in this region have readily adopted contactless payment methods, mobile wallets, and data analytics integrated into POS systems. This tech-savvy approach has propelled the Western region to the forefront of POS innovation in India.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“India POS Terminal Market - Segmented by Component (Hardware, Software, and Services), By Type (Fixed Point-of-Sale Terminal, Mobile/Portable Point-of-Sale Terminal), By End User (Entertainment, Restaurants, Hospitality, Healthcare, Warehouse/ Distribution, Retail, and Other), By Region, Competition, Opportunity, and Forecast, 2019-2029F”, has evaluated the future growth potential of POS Terminal and provides statistics and information on market structure, size, share, and future growth. the report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India POS Terminal market.
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