Expert Market Research’s new report titled ‘India POS Devices Market Report and Forecast 2021-2026’, gives an in-depth analysis of the POS Devices market in India, assessing the market in based on its segments such as components, device types, enterprise sizes, and industries. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
Note 1: For an overview of primary and secondary market data (2016-2026), along with business strategies and detailed market segmentation, please click request a sample report. The sample report will be delivered to you within 24 hours.
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Key highlights of the report include:
Market Overview (2016-2026)
- Historical market size (2020): INR 26.7 billion
- Forecast CAGR (2021-2026): 13.29%
- Forecast market size (2026): INR 56.6 billion
The POS terminal market in India is boosted by the introduction of various initiatives by the Indian government to help in the digitalization of the economy by promoting cashless transactions. This is increasing the usage of POS devices, thus helping the growth of the market. Additionally, the low cost of the internet and the rapid penetration of smartphones are also exploding real-time digital payment methods that are driving the growth of the POS terminal industry. The increasing use of Near Field Communication (NFC) technology to facilitate contactless transactions using smartphones is giving further impetus to the growth of the POS terminal market in India.
Industry definition and major segments
A point-of-sale device, known as a point-of-sale device, is a system that can facilitate cashless transactions by enabling digital payments through credit and debit cards, mobile banking, and wallet mobile. Moreover, it also facilitates the day-to-day operations of businesses by centralizing payment processing, customer loyalty program, and inventory management, among others.
The market can be broadly classified on the basis of its components into:
Based on Terminal Types, the market is split into:
- Fixed point of sale terminals
- Mobile POS terminals
The main sizes of companies in the market are:
- Turnover INR 5 million – INR 50 million
- Turnover of INR 50 million and above
By Industry, the market is split into:
- Media and Entertainment
- Health care
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The growth of the POS device industry is driven by the rapid expansion of the retail sector, mainly in Tier II and Tier III cities in India. This is increasing the usage of POS devices which is helping the market grow. Additionally, the integration of artificial intelligence (AI) in point-of-sale systems to facilitate automation, personalization, and consumer experience is expected to drive the growth of the point-of-sale device market. The growing popularity of the online retail sector and the growing use of remote transaction methods due to the COVID-19 pandemic are also driving the growth of the industry. Additionally, increasing investments by large companies to develop advanced POS systems are expected to fuel the market growth over the forecast period.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
Main market players
The major market players are Ingenico Group, VeriFone, Inc., PAX Technology, Ezetap Mobile Solutions Private Limited., Mswipe Technologies Private Limited, and NGX Technologies Pvt. Ltd, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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