India Point Of Sale Terminals Market Outlook 2023-2029: Micro-ATMs and AePS Payments Drive PoS Terminal Growth

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Nov 29, 2023, 18:45 ET

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

Company Profiles

Evolute Group
Ezetap Mobile Solutions Private Limited
Ingenico
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 Types

Hardware
Software

By Technology

Fixed
Portable

By Product Types

CounterTop
Integrated
Smart
Mobile

By Applications

Grocery
Education
Liquor Stores
Pet Products stores
Clinics & Diagnostics Centres
Beauty & Wellness
Electronics
Apparel
Bars & Restaurants
Furniture & Home Decor
Healthcare
Entertainment
Others

By Regions

North
West
East
South

For more information about this report visit https://www.researchandmarkets.com/r/yukpvy

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