India POS Terminals Market to Grow at a CAGR of 11% through 2022
Government
initiatives aimed at promoting digital payments, rapid urbanization and
adoption of new technologies to fuel India POS terminals market until 2022
According to TechSci Research report, “India POS Terminals Market By Type, By End User, Competition Forecast & Opportunities, 2012 –
2022”,
India POS terminals market is projected to grow at a CAGR of over 11% during
2017 - 2022. Growing awareness about the benefits of POS terminals among retail
as well as commercial segments coupled with the government’s efforts to drive
the country towards a cashless economy is expected to drive India POS terminals
market in the coming years. Post demonetization, the market of POS terminals
witnessed a surge as the cash crunch led by the ban on currency notes of INR
500 and INR 1,000 resulted in increasing adoption of several alternate modes of
payment such as debit and credit cards.
Debit and
Credit Cards Use at India POS Terminals, 2016
Source: RBI
*Estimated, Source: Central Intelligence Agency, United States |
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On the basis of type, POS
terminals market has been broadly segmented into three types – namely, fixed
POS terminals, portable POS terminals and mobile POS or mPOS terminals. Of
these, fixed POS terminals dominated India POS terminals market in 2016 as they
are considered highly reliability and are currently the most recognized type of
POS terminals. However, scenario is expected to change in the coming years, with
portable POS terminals anticipated to dominate India POS terminals market by
2022. Moreover, mPOS terminals are likely to witness the highest growth rate in
India POS terminals market in the coming years on the back of their ease of
use, low cost and ultra-portability.
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In 2016, retail sector dominated
India POS terminals market on account of high adoption of POS terminals by
merchants in rural as well as urban areas. However, by the end of 2022, government
& transportation sector is anticipated to grab the largest share in India
POS terminals market, owing to increasing number of government initiatives aimed
at digitizing the modes of payment in the government & transportation
sector. “Growing adoption of POS terminals by urban kirana storeowners, who had
been dealing in cash for decades, is a major contributing factor augmenting demand
for POS terminals in India. Government initiatives towards boosting
digitization as well as opening of bank accounts by making Aadhar Card
mandatory are key factor expected to positively influence the POS terminals
market in India over the course of next five years.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India POS Terminals Market By Type, By End User, Competition Forecast
& Opportunities, 2012 – 2022” has evaluated the
future growth potential of POS terminals market and provided statistics and
information on market structure, size, share and future growth of POS terminals
market in India. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in the India POS terminals
market.
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