Market Forecast By POS Terminal Types (Portable, Countertop, Mobile POS, PIN Pad & Multimedia), By End Users (Hospitality, Healthcare, Retail, Government & Transportation and Others), By Regions (Northern, Western, Eastern, Southern) and Competitive Landscape.
|Product Code: ETC002431
|Publication Date: Feb 2023
|Updated Date: Oct 2023
|Product Type: Report
|No. of Pages: 70
|No. of Figures: 35
|No. of Tables: 5
India POS terminal Market report is a part of the Asia Pacific POS Terminal Market that thoroughly covers the market by type, end-users, and by regions including Eastern, Western, Northern, and Southern. India POS Terminal market outlook report provides an unbiased and detailed analysis of the ongoing India POS terminal market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies accordingly to the current and future market dynamics.
India POS terminal market is expected to register substantial growth primarily due to demonetization initiatives introduced by the Government of India to transform the country into a cashless economy. The adoption of digital transactions has increased the demand for new payment modes and devices which can offer e-payment facilities to buyers. Additionally, government initiatives under the extension of Pradhan Mantri Jan-Dhan Yojana in 2018 will further enhance the demand for online cashless transactions in the country. The introduction of the second phase of the financial inclusion scheme aims at providing a bank account and a bundle of other financial products to every citizen in India. These initiatives would further drive the growth of the POS terminal market in India.
According to 6Wresearch, India POS Terminal Market is anticipated to witness growth during 2023-2029. Rising demand for mobile POS terminals, increasing adoption of mobile wallets, favorable regulations, growing e-commerce sector and the emergence of new players, rapid urbanization as well as technological advancement are some of the key growth drivers of the POS terminal market in India. Further, the growing tourism industry will also contribute to increased demand for imported POS Terminals and would further propel the growth of the Indian POS Terminal market in the near future. However, the India POS terminal market is expected to witness a downfall during the initial months of 2020 due to the outbreak of the Covid-19 pandemic in the country. The market is expected to recover gradually over the next few years.
India POS terminal market is expected to gain momentum in the upcoming six years on the back of the rising wide scope of product applications across various verticals including the healthcare, and transportation sectors. Further, The growing establishment of commercial sectors such as retail outlets, hypermarkets, and supermarket stores due to the increasing growth of the urban population and rising discretionary spending of the population in the country has led to simultaneously proliferation of the adoption of POS terminals to ensure efficient payment method and this is expected to benefit the progressive growth of the India POS terminal market in the upcoming six years.
India point of sale terminal market is anticipated to find its true potential underpinned by the rising impressive growth of the commercial sector. The increase in the growth of the ritual outlets in the country with the growing urban population coupled with the growing e-commerce stores also strengthening the retail sector growth, as a result, is estimated to bolster the point of sale terminal Installation for the payment purpose and is estimated to benefit the substantial growth of the India point of sale terminal market in the upcoming six years.
India POS terminal Market is one of the largest markets. The POS terminal industry has accomplished various new developments which include the introduction of UPI and Bharat QR for digital transactions, which has increased the demand for POS terminals. The growing retail industry in India is leading to an increase in the number of retail outlets, driving the demand for POS terminals in India. The increasing acceptance of digital payments in India is leading to a rise in the demand for POS terminals, as more businesses seek to adopt cashless transactions.
The growing e-commerce industry in India is leading to an increased demand for POS terminals, as online retailers are seeking to accept digital payments. The Indian government is actively promoting the use of digital payments, through initiatives such as the Digital India program, which propels the growth of the POS terminal industry. The introduction of new technologies such as artificial intelligence and machine learning is leading to the development of innovative POS terminals in India. Moreover, the growing investment from venture capital firms in the POS terminal market is spurring innovation and proliferates market expansion.
India POS Terminal Industry has been gaining momentum underpinned by the presence of favourable government policies and programmes. One of the significant initiatives is “Digital India Campaign” under this government’s aims is to promote digital literacy and digital financial inclusion. This has left a positive impact on the POS terminals demand by encouraging digital payment. Furthermore, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial inclusion program that stimulates bank accounts opening for all and encourges the use of RuPay debit cards. These debit cards are used with POS terminals, ensuring a high demand of the POS terminal in both rural and semi-rural areas. The Indian government has made compulsory digital payments for several government services and transactions, including government fees, licenses, and taxes. Such initiatives surge the POS terminals adoption by government agencies.
The pandemic had impacted the India POS Terminal Market which is a part of the Asia Pacific POS Terminal Market. The pandemic interrupted global supply chains, led to delays in the manufacturing of POS terminals. This influenced the availability of POS equipment for businesses seeking upgrade their systems. The outburst of the coronavirus pandemic has surged the growth of the market owing to the increasing trend regarding digital payments. The remote transaction experienced a major hike along with expanding digitization. In addition to this, with an increased concern of the virus spread through physical contact, population shifting towards the contactless payment solution in India. As a result, a boost in demand for POS terminals.
According to Dhaval, Research Manager, 6Wresearch, Mobile and portable POS terminals have been gaining traction in the market and dominating India POS Terminal Market share, driven by their flexibility, and increasing adoption with the growing e-commerce and online sales channels.
Healthcare and retail verticals are dominating the overall India POS terminal market due to the outbreak of the Covid-19 pandemic in the country. Further, the rural areas are expected to witness a huge demand for the POS terminal market in India due to government initiatives to promote rural development.
Some of the prominent players in the India POS Terminal Market are:
The India POS terminal market report provides a detailed analysis of the following market segments:
|1 Executive Summary
|2.1 Key Highlights of the Report
|2.2 Report Description
|2.3 Market Scope & Segmentation
|2.4 Research Methodology
|3 India POS Terminal Market Overview
|3.1 India Country Macro Economic Indicators
|3.2 India POS Terminal Market Revenues & Volume, 2019 & 2029F
|3.3 India POS Terminal Market - Industry Life Cycle
|3.4 India POS Terminal Market - Porter's Five Forces
|3.5 India POS Terminal Market Revenues & Volume Share, By POS Terminal Types, 2022 & 2029F
|3.6 India POS Terminal Market Revenues & Volume Share, By End Users, 2022 & 2029F
|4 India POS Terminal Market Dynamics
|4.1 Impact Analysis
|4.2 Market Drivers
|4.3 Market Restraints
|5 India POS Terminal Market Trends
|6 India POS Terminal Market, By Types
|6.1 India POS Terminal Market, By POS Terminal Types
|6.1.1 Overview and Analysis
|6.1.2 India POS Terminal Market Revenues & Volume, By Portable, 2019 - 2029F
|6.1.3 India POS Terminal Market Revenues & Volume, By Countertop, 2019 - 2029F
|6.1.4 India POS Terminal Market Revenues & Volume, By Mobile POS, 2019 - 2029F
|6.1.5 India POS Terminal Market Revenues & Volume, By PIN Pad & Multimedia, 2019 - 2029F
|6.2 India POS Terminal Market, By End Users
|6.2.1 Overview and Analysis
|6.2.2 India POS Terminal Market Revenues & Volume, By Hospitality, 2019 - 2029F
|6.2.3 India POS Terminal Market Revenues & Volume, By Healthcare, 2019 - 2029F
|6.2.4 India POS Terminal Market Revenues & Volume, By Retail, 2019 - 2029F
|6.2.5 India POS Terminal Market Revenues & Volume, By Government & Transportation, 2019 - 2029F
|6.2.6 India POS Terminal Market Revenues & Volume, By Others, 2019 - 2029F
|7 India POS Terminal Market Import-Export Trade Statistics
|7.1 India POS Terminal Market Export to Major Countries
|7.2 India POS Terminal Market Imports from Major Countries
|8 India POS Terminal Market Key Performance Indicators
|9 India POS Terminal Market - Opportunity Assessment
|9.1 India POS Terminal Market Opportunity Assessment, By POS Terminal Types, 2022 & 2029F
|9.2 India POS Terminal Market Opportunity Assessment, By End-User, 2022 & 2029F
|10 India POS Terminal Market - Competitive Landscape
|10.1 India POS Terminal Market Revenue Share, By Companies, 2022
|10.2 India POS Terminal Market Competitive Benchmarking, By Operating and Technical Parameters
|11 Company Profiles