The new report by Expert Market Research titled, ‘India POS Device Market Report and Forecast 2021-2026’, gives an in-depth analysis of the India POS device market, assessing the market based on its segments like components, terminal types, business sizes, and industries. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The 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 market for POS device in India is being driven by the introduction of various initiatives by the Indian government to aid the digitisation of the economy by promoting cashless transactions. This is increasing the use of POS devices, hence aiding the market growth. Moreover, the low cost of the internet and rapid smartphone penetration is also surging digital real-time payment modes which are invigorating the growth of the POS device industry. The increasing use of near field communication (NFC) technology for easy contactless transactions using smartphones is providing further impetus to the market growth of POS device in India.
Industry Definition and Major Segments
A POS device, variously known as a point-of-sale device, is a system that can ease cashless transactions by enabling digital payments through credit and debit cards, mobile banking, and mobile wallet. Moreover, it also aids in the daily operations of businesses by centralising 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 bifurcated into:
- Fixed POS Terminals
- Mobile POS Terminals
The major business sizes of the market are:
- Turnover < 5 million INR
- Turnover 5 million INR – 50 million INR
- Turnover 50 million INR and above
By industry, the market is divided into:
- Media and Entertainment
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The growth of the POS device industry is being aided rapid expansion of the retail sector, mainly in tier-II and tier-III cities in India. This is increasing the use of POS devices which is aiding the market growth. Moreover, the integration of artificial intelligence (AI) in POS systems to aid automation, customisation, and consumers’ experience is expected to drive the market growth of POS device. The rising popularity of the online retail sector and the increasing use of remote transaction methods owing to the COVID-19 pandemic is also invigorating the industry growth. In addition, increasing investments by major companies to develop advanced POS systems is anticipated to fuel the market growth in the forecast period.
Key Market Players
The major players in the market 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 the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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