New Report on Indian POS Terminal Market Growth
Research and Markets, the world’s largest market research store, has released a new report forecasting the outlook for the POS terminal market in India. The biggest takeaway: India’s POS terminal market is projected to grow at a compound annual growth rate of over 16% from 2017 to 2023.
The growth of this market in Asia’s second largest economy is being propelled by several factors, including the government’s policy drive toward a more plastic economy and the banks’ desire to gain advantage in the merchant acquisition business. As a result, the Indian POS terminal market is showing healthy year-over-year growth, which is great news for industry investors and POS suppliers and resellers that operate in India.
The report takes a deep dive into the POS terminal market in India, outlining trends relating to Types of POS Devices, End Users and Regions. We summarise the major findings below.
Types Of POS Devices
There are several types of POS devices available in India, including portable, countertop, mPOS, PIN Pad and Multimedia. In 2016, the highest growth was seen within the portable POS terminal segment, owing its widespread ultilisation across a wide variety of end user markets including hospitality, government and retail. However, mPOS is also registering positive growth year-over-year, likely because this technology is cheaper and more accessible for end users. Business owners may gravitate toward mPOS because it has a low installation cost and it is available to rent on a monthly basis.
Several end user markets registered an increase in demand for POS terminals following the introduction of Prime Minister Modi’s demonetisation policies in November of 2016. These sectors included hospitality, retail, government and transportation. The majority of market revenues occurred within the retail segment, which is perhaps unsurprising due to its pervasiveness within the Indian economy. However, hospitality and healthcare accounted for the highest growth in 2016.
Based on this data, it is clear that the demand for POS terminals in India is explosive and is only set to continue its growth up until 2023 (and likely beyond). For resellers looking to break into this lucrative market, no time is better than the present. The greatest opportunities for POS terminal sales likely lie in the retail sector, but hospitality and healthcare are two industries to keep an eye on as well.
How to Access the Full Report
The full report about POS terminal market growth in India, running to 112 pages, is available for purchase on the Research and Markets website. Additional information contained within the report includes:
- India POS Market Overview
- India POS Market Trends & Regulations
- India Portable POS Terminal Market Overview
- India Countertop POS Terminal Market Overview
- India mPOS Terminal Market Overview
- India PinPad Terminal Market Overview
- India Multimedia Terminal Market Overview
- India POS Market Opportunity Assessment, By Type
- India POS Market Overview, By End User
- India POS Market Overview, By Region
- India POS Market - Competitive Landscape
- Company Profiles
Interested in taking advantage of this unique opportunity in India? At Firemane, we have access to a wide range of POS terminals which we can sell to resellers in bulk. Contact us for more information.