According to a new report by Expert Market Research titled, “India POS Device Market Share, Size, Report and Forecast 2024-2032″, the India POS device market size is projected to grow at a CAGR of 13.3% between 2024 and 2032. Aided by the rapid digitalisation and the growing acceptance of cashless transactions, the market is expected to grow significantly by 2032.
POS devices facilitate electronic transactions between customers and businesses, typically using debit or credit cards. This technology has seen extensive adoption in India, primarily in urban areas. The POS devices are not only limited to financial transactions but also manage inventory, customer loyalty programs, and sales analytics, making them indispensable tools for modern businesses.
The driving force behind the rapid increase in India POS device market demand is the government’s focus on a digital economy and the initiatives taken to promote cashless transactions. The Indian government’s measures like demonetisation and the push towards a Digital India campaign have created a favourable ecosystem for the growth of POS devices.
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As per the India POS device market analysis, another contributing factor is the rising number of small and medium enterprises (SMEs) and their inclination towards modern business practices. With POS devices offering features like sales analytics and inventory management, SMEs find them valuable for business efficiency and customer experience enhancement.
Moreover, the rise in e-commerce and the increasing trend of omni-channel retailing have made integrated POS systems more attractive. These systems allow retailers to provide seamless shopping experiences across online and offline channels.
In the hospitality sector, POS devices are seeing growing adoption, aiding restaurants and cafes in order tracking, billing, and improving customer service efficiency. The flourishing food and beverage industry in the country is further adding impetus to the India POS device market growth.
The POS device market in India is at a transformative stage, with technology playing a pivotal role in reshaping the payment landscape. The push from the government, coupled with the inherent benefits of cashless transactions, makes it apparent that the adoption of POS devices will only intensify in the coming years.
With India’s large consumer base, technological advancements, and favourable government initiatives, the country offers immense growth potential for POS device manufacturers and service providers. As the digital revolution sweeps across various sectors, POS devices will likely continue their trajectory of becoming an integral part of the Indian business infrastructure.
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Market Segmentation
The market can be divided based on component, terminal type, business size, and industry.
Market Breakup by Component
• Hardware
• Software
• Services
Market Breakup by Terminal Type
• Fixed POS Terminals
• Mobile POS Terminals
Market Breakup by Business Size
• Turnover < 5 million INR
• Turnover 5 million INR – 50 million INR
• Turnover 50 million INR and above
Market Breakup by Industry
• Retail
• Hospitality
• BFSI
• Media and Entertainment
• Warehouse
• Healthcare
• Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India POS device market. Some of the major players explored in the report by Expert Market Research are as follows:
• Ingenico Group
• VeriFone, Inc.
• PAX Technology
• Ezetap Mobile Solutions Private Limited.
• Mswipe Technologies Private Limited
• NGX Technologies Pvt. Ltd
• Others
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