India POS Terminals Market Size in Hardware Segment is Expected to Grow Exponentially by 2024 | Cegid, Cisco, Epicor Software, Ingenico Group, JDA Software, MICROS Systems Inc, NCR Corporation, NEC Corporation, Toshiba, Verifone, Wincor Nixdorf

In the components segment, hardware segment accounted for majority of the India POS terminals market size as it offers distinctive designs and versatility suiting every industry need. The hardware includes handhelds, terminals, PC workstations, and self-service kiosks which are capable of managing the challenges of the retailers. Hardware is widely being adopted in India owing to its ease of implementation on the smart devices.

India POS terminals market size is likely to scale extensive heights of growth, primarily driven by the recent 2016 wave of demonetization that shook the financial roots of the nation. Post demonetization, the Indian government has been implementing strategic plans to encourage online transactions. According to State Bank of India, payments through credit or debit cards on POS terminals have currently amounted to INR 70,000 crore, a target that could have taken nearly three years to reach in the absence of the demonetization outbreak.

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It is no surprise therefore, that demonetization has led to an escalated growth in POS terminals industry in India. Furthermore, SBI reports that financial institutions across the country have deployed nearly 11.8 lakh more POS machines post demonization, and the number is likely to rise in the future with the robust increase in the number of online transactions via these terminals. Global Market Insights, Inc., states that India POS terminals market, worth USD 450 million in 2016, is slated to generate a revenue of more than USD 3 billion by 2024.

The key players covered in this study: -

1. Cegid
2. Cisco
3. CitiXsys - iVend Retail
4. Demandware, a Salesforce company
5. Epicor Software
6. Ezetap Mobile Solutions Pvt. Ltd
7. Hewlett Packard Enterprise
8. Ingenico Group
9. JDA Software
10. MICROS Systems Inc
11. NCR Corporation
12. NEC Corporation
13. Panasonic
14. Retail Pro International, LLC
15. Samsung Electronics
16. Toshiba
17. Verifone
18. Wincor Nixdorf
19. Worldline Global

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With retail industry becoming organized, several e-commerce channels are emerging in the country, which will offer substantial growth opportunities for the India POS terminals market. The penetration of several e-commerce channels and the need for increasing the profit is transforming the retail industry, which will further escalate the demand. The software is being adopted by retailers to improve warehouse efficiency, for building better forecasts and to enable the procurement of the right product in the right place to help satisfy consumer requirements.

Security concerns relating to breach in security of financial data may hinder the India POS terminals market. Customers using credit & debit cards at the systems have a risk of revealing their PINs to other customers. Several retailers are implementing advanced technology to prevent transaction frauds to execute secure online payments to make consumers more confident about the purchases.

The installation of mobile devices is allowing the merchants to plan beyond the operational savings, efficiency and focus on a variety of customer-oriented campaigns to grow and expand the customer base. Furthermore, they do not require the maintenance are primarily used for better mobility and user experience, utilizing technologies such as GPRS, 802.11, CDMA, and Wi-Fi for communication driving the India POS terminals market.

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Tier 1 cities of the country had the largest share in 2016 in India POS terminals market owing to the accelerated growth of cashless transactions using credit & debit cards by the e-commerce websites. The governmental push towards the cashless transaction also helps the adoption of POS terminals in the tier 1 and tier 2 cities. The automation of brick and mortar businesses by cashless transactions is also gaining traction in these cities.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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