report thoroughly covers the market by type and end-user. The chocolate market outlook report provides an unbiased and detailed analysis of the ongoing chocolate market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Growth of the market
India POS terminal market is expected to project a substantial growth during the upcoming years owing to the rapid shift towards cashless country. The demonetization of currency has also shifted the consumer towards e-payments driving the demand of POS market. The consumers these days are more keen to adopt latest payment technology and go cashless, is also boosting the demand. Rising demand of E-commerce is one of the key factors in driving the market. Moreover, growing urbanization and rising disposable income has also contributed towards the development of the market. Adoption of POS has led to the reduction of human errors in cost management, data entry and enriches customer satisfaction.
Increasing industrialization accompanies the need for cashless transaction is further boosting the market. The initiatives taken by the government such as launching Pradhan Mantri Jan Dhan Yojana in order to promote cashless economy coupled with the establishments of ATM. Rising financial frauds across the country has pushed the government towards adoption of secure and safe transaction methods is leading to growth in POS terminal market. Increasing online retail stores and E- commerce backed by advent of cashless transaction is driving the market. It is not necessary for small retailers to pay the rent of the device. Additionally, consumers do not have to pay the extra fee is also contributing towards the development of the market. Most of the Healthcare, Tourism and retail sectors are transforming digitally owing to the technological advancement will further lead to adoption of safe digital methods leading to the growth of POS terminal market. Increasing adoption of mobile wallets among every retails is boosting the growth of the market.
Reasons behind the growth
Advancement of payment technologies such as EVM pay, MasterCard and chip payment method is expected to further develop the growth of the market. The increase in the usage of communication devices, inclination towards contactless payment, and demand for e-commerce activities is likely to stimulus the growth of the India POS terminal market. Expansion of the market can also be recognized to the initiatives taken by the Government of India to promote digital payment and move to cashless economy in the country. The use of cloud-based retail POS software is growing immensely. The cloud-powered retail POS software is affordable, and merchants can access customer data distantly with an Internet connection. Such technological advancements in the retail POS market is expected to enhance the growth in the software segment. The integration of the POS software with EMV, mobile-compatible payment terminals helps retailers to achieve secure and quick transaction payments. Changing preferences of the consumers such as adoption of debit and credit card is likely to fuel the growth of the market. The advent of affordable wireless communication technologies has led to increased consumer acceptance of these systems. Furthermore, the flexibility of having a smartphone or tablet-based POS, due to low installation costs, has attracted small and medium-sized businesses towards POS.
POS software providers study various factors during the software development phase, such as support to a many of operating systems, payment modes, and the capability to create and manage customer databases in an organized format. For instance, merchants demand a flexible and cost-effective POS solution feasible with numerous devices, such as laptops, mobile, PC, and tablets. These devices operate on different operating systems, such as Windows, Linux, Mac OS, Android, and iOS, and need compatible software. Therefore, vendors ensure the availability of software for different devices and operating systems to cater to large and small businesses alike.
Impact of COVID-19 on India POS terminal market
However, the lack of adequate POS terminal is expected to hinder the market growth of the POS terminal. High installation charges and maintenance cost is likely to create hurdle in the POS terminal market. The COVID-19 pandemic has hampered the business growth wherein end-users are forced to use modern point of sale technology. The shut-down of shops and restriction on travel has negatively affected the digital transaction market. Although, in order to curb the spread of infectious disease consumers preferred online grocery stores and online payment. Advanced POS solutions to facilitate online orders & payments and unified analytics would help understand & meet new customer expectations. POS vendors has taken this opportunity to upgrade solutions for retailers to assist their management in both online and in-store sale information.