India POS Device Market Poised to Reach US$ 887.2 Million 2023-2028, Driven by Impressive 12.5% CAGR: IMARC Group

How Big is the India POS Device Market?

The India POS device market size reached US$ 428.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 887.2 Million by 2028, exhibiting a growth rate (CAGR) of 12.5% during 2023-2028.

What is POS Device?

A point of sale (POS) device is a combination of hardware and software designed for processing sales transactions. It includes a terminal or computer, a cash register, a barcode scanner, a receipt printer, and software that manages inventory, sales data, and payment processing. It is usually connected to the internet or a local network to enable real-time data synchronization, inventory updates, and remote management. It is equipped with payment processing capabilities, allowing businesses to accept various forms of payment, including credit cards, debit cards, mobile payments, and cash. It helps streamline the checkout process, reducing waiting times for people and improving operational efficiency for businesses. It maintains accurate records of sales, inventory levels, and financial transactions, simplifying accounting and inventory management. It aids in bringing banking services to underserved and rural areas, serving as touchpoints for banking transactions. It is widely used by businesses to record sales, calculate billing, and provide customers with receipts. Besides this, it is also utilized by restaurants and food service establishments to take orders, manage tables, process payments, and track menu items. Moreover, it is employed by e-commerce businesses to integrate online and offline sales data, providing a unified view of their operations.

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India POS Device Market Trends and Drivers:

The rising awareness among the masses about hygiene and safety is encouraging them to opt for contactless payment methods, such as near field communication (NFC) and QR code payments in India. Additionally, the introduction of mobile POS (mPOS) solutions, the proliferation of smartphones, and the availability of affordable mPOS devices are empowering street vendors and food delivery services in India to accept digital payments on the go. Apart from this, the rising adoption of cloud-based POS solutions is offering a favorable market outlook in the country. Furthermore, governing authorities of the country are implementing goods and services tax (GST), which is catalyzing the demand for POS systems that generate GST-compliant invoices. Moreover, the development of POS systems with integrated inventory management capabilities is helping businesses streamline their operations and reduce overstocking or understocking issues. Furthermore, the increasing adoption of POS solutions by small and medium-sized businesses (SMBs) in India is strengthening the growth of the market. These solutions offer affordable and feature-rich alternatives to traditional cash registers. In addition, many online retailers are establishing physical stores and pop-up shops, which is driving the need for the deployment of POS terminals in India. Along with this, the widespread adoption of versatile and connected POS solutions by omnichannel strategies that bridge online and offline retail experiences is strengthening the growth of the market. Furthermore, the advent of micro-ATMs and Aadhaar-enabled payment systems is stimulating the market growth in India.

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The report segmented the market on the basis of region, component, terminal type, business size and industry vertical.

Breakup by Component:

• Hardware
• Software
• Services

Breakup by Terminal Type:

• Fixed POS Terminals
• Mobile POS Terminals

Breakup by Business Size:

• Turnover < 5 Million INR
• Turnover 5 Million INR - 50 Million INR
• Turnover 50 Million INR and Above

Breakup by Industry Vertical:

• Retail
• Hospitality
• BFSI
• Media and Entertainment
• Warehouse
• Healthcare
• Others

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.