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India to help global POS shipments reach 270 mn by 2025
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SME Times News Bureau | 24 Oct, 2021
Global point-of-sale device (POS) shipments are expected to reach 270
million units by 2025, with a compound annual growth rate (CAGR) of 19
per cent, and India will be a key factor behind this growth, a new
report has said.
China is currently the leading global POS market
capturing half of it, followed by Latin America and Europe. Going
forward, India will become the fastest-growing market (+38 per cent
CAGR) driven by the digital transformation of retail and rising consumer
preference for online transactions, according to Counterpoint Research.
"The
rapid urbanisation, globalisation of employment and rising travel will
foster the development of the POS market in hospitality segments," said
research analyst Soumen Mandal.
Retail, hospitality and healthcare industries are the top applications for the POS market.
Covid-19 did have a negative impact on the global POS market as most of the retail shops were closed due to lockdowns in 2020.
"Chinese
players are dominating the global POS market with 8 of the top 10
vendors hailing from China. However, all major regions are focussing on
creating local POS supply chains," said Neil Shah, Vice President,
Research.
At the same time, "we expect Chinese brands to increase
their international presence to avoid losing market share due to the
home market becoming mature," he added.
Rising consumer awareness
on cashless transactions, favourable government policies, and
technological advancements are invigorating the POS terminals market
with newer form factors and capabilities.
"The rising use of POS
terminals in the transportation, government, education, banking and
ride-hailing sectors is expected to open new application areas," Mandal
said.
Data security concerns, high maintenance costs and
checkout-free offline retail model will be major challenges for the POS
market, the report noted.
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