India POS Terminal Market: Anticipating 8.63% CAGR Growth by 2029
Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) — The “India POS Terminal Market, By Region, Competition, Forecast and Opportunities, 2019-2029F” report has been added to ResearchAndMarkets.com’s offering.
New research showcases the dynamic growth trajectory of the India POS Terminal Market New Delhi, India – The India POS Terminal Market is experiencing a surge in growth, driven by several pivotal factors across the retail and digital payments landscape. Valued at USD 5.42 Billion in 2023, the market is anticipated to maintain a robust compound annual growth rate (CAGR) of 8.63% throughout the forecast period, extending up to 2029.
Government Initiatives and Expanding Retail Ecosystem Accelerate Market Expansion
Key Market Drivers
- The Indian government’s push towards a digital ecosystem, through initiatives such as “Digital India” and the demonetization drive, has played a crucial role in enhancing the adoption of POS terminals across the country.
- A significant increase in organized retail infrastructure and the rising preference for cashless transactions post the COVID-19 pandemic have further spurred the demand for innovative POS solutions.
- Advancements in contactless payment technology have transformed consumer behavior, promoting the necessity for businesses to adopt POS systems with NFC and QR code capabilities.
- The POS Terminal market in India is characterized by a competitive landscape, encouraging continual innovation from key players to deliver improved security features and integrated services.
Market Trends Point Toward Integrated Solutions Rise of Contactless and Mobile Payments
The shift towards contactless and mobile payments stands as a testament to the evolving payment preferences of consumers. Businesses are recognizing the importance of upgrading POS systems to accommodate these technologies, ensuring secure and convenient transactions for their clientele.
Integration of Services a Game-Changer
The integration of inventory management, CRM, and analytics into POS systems is a distinct trend that is setting the stage for heightened operational efficiency and rich customer insights. Such multifunctional terminals are fast becoming the norm for businesses looking to optimize processes and amplify the customer shopping experience.
Emerging Demand for Cloud-Based POS Solutions
Cloud-based POS solutions are reshaping the market with features that promise scalability, remote management, and cost advantages over traditional systems. This trend indicates a significant movement towards flexible and accessible POS platforms, aiding businesses in managing growth and change effectively.
Regional Market Insights
The West region of India, including bustling economic centers like Mumbai and Pune, is leading the POS Terminal market with its robust growth and rapid tech integration. The region’s economic prosperity and progressive adoption of advanced payment systems position it at the forefront of market advancements.
Market Segmentation Synopsis
The India POS Terminal Market is segmented into hardware, software, and services. A glance into end user categorization reveals that the retail sector is a primary market segment, leveraging POS technology to cater to the modern consumer’s payment needs.
Comprehensive Coverage
This market study examines the competitive landscape and provides a thorough analysis of market drivers, challenges, and trends, shaping a well-rounded perspective on the POS Terminal industry in India.
Maintaining Market Momentum
With digitalization initiatives and advancements in POS technology, India’s POS Terminal Market is poised to remain a key player in the global economic narrative. Embracing the change, businesses across the country continue to adapt, innovate, and integrate the latest POS solutions to meet the demands of an increasingly tech-savvy population. For more information on this market and its emergent trends, readers are encouraged to explore the detailed analysis presented in the research publication.
A selection of companies mentioned in this report includes
- Verifone Systems India Pvt. Ltd.
- Ingenico India Pvt. Ltd.
- Pax India Pvt. Ltd.
- Mswipe Technologies Pvt. Ltd.
- Pine Labs Pvt. Ltd.
- Infibeam Avenues Ltd.(BillDesk)
- One97 Communications Ltd. (Paytm)
- Amazon India Pvt. Ltd. (Amazon Pay)
- Flipkart Payments Pvt. Ltd. (PhonePe)
- Google India Pvt. Ltd. (Google Pay)
For more information about this report visit https://www.researchandmarkets.com/r/j47ux3
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