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The Popularity of Smart Phones Has Brought Opportunities for the Development of Smart POS Machine Industry

Smart POS (Point of Sales) machine, also known as micro POS machine, is a new concept compared to the traditional POS machine. Its main functions include scanning TWO-DIMENSIONAL code and swiping card, card coupon distribution, self-service ordering, group purchase verification, online booking, membership management, fine management of customer orders combined with back-end CRM system, big data analysis and other functions. Its main mission is to make electronic payments and replace wallets. Because of its powerful function, it is considered to be a kind of ARTIFACT of major shopping malls, department stores and other retail industry!

Smart POS machines are mainly divided into fixed, wireless and mobile types. Among them, the fixed smart POS machine is currently the most widely used, accounting for more than half of the market.  In 2020, its market share in the global smart POS market reached 50.82%. Secondly, mobile smart POS machines occupy the second place with a market share of 28.89%, while wireless POS machines have a relatively low utilization rate. 

In terms of different application fields, smart POS machines are mainly used in retail, hospitality services, healthcare, transportation, sports & entertainment, and other industries that are difficult to classify. Among these sectors, retail accounted for the highest proportion, ranking first with 31.37% market share in 2020.  Hospitality services such as hotels and restaurants ranked second with 28.29%. 

Global Smart POS Machine Industry Market Status Analysis and Prospect Forecast

According to our research data, the global market value of smart POS machine was $ 560.88 million in 2015, and the industry developed rapidly from 2015 to 2019. In 2018 and 2019, the total market value of the industry was $1.43512 billion and $2.76169 billion, respectively, with high annual growth. In 2020, due to the impact of the epidemic, although the global market value reached $3.25666 billion, showing an increasing trend year by year, the growth rate slowed down significantly. Based on the data basis and development rules, we conducted a series of functional calculations and derived the data of the next 6 years with a scientific model, and made the following predictions: Before the outbreak of the epidemic, the global market value of smart POS machine is estimated to be $43.45876 billion by 2026, with a compound annual growth rate of 37.19% from 2021 to 2016; However, in the wake of the outbreak, given its impact on the industry, the industry market is projected to be worth $28.88693 billion by 2026, with a projected CAGR of 44.87% between 2021 and 2026. 

Data show that China is the largest revenue market of the global smart POS machine industry. In 2015, the market value of smart POS machine industry in China was $248.24 million, accounting for 44.26% of the global market. By 2020, the market value reached $1.688077 billion, accounting for more than half of the global share -- 51.61%. It can be seen that the development trend of this industry in China is great and the prospect is considerable. In 2020, North America ranked second with 22.86 percent. 

Landi Crop, Newland Payment and Verifone are the top three smart POS companies in the world. Landi Crop and Newland Payment, ranked first and second, are both from China, while Verifone is based in the US.

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The outbreak has spread globally and is still spreading in most countries. The situation is grim. Because of the outbreak, market and consumer behavior has changed dramatically in a short period of time. Most countries advise people to stay at home and avoid entering and leaving public places, and some countries have even introduced policies restricting residents to go out, which has a greater impact on the whole downstream consumer market. Industries such as fast moving consumer goods, tourism and hotel accommodation have all been hit hard due to the epidemic, and smart POS machines are used in these areas. For manufacturers in the industry, due to the epidemic, new product launch, marketing, strategic layout have been affected. Therefore, in the short term, the downturn of the consumer market will affect the demand for smart POS machines and limit the development of the industry. 

However, relevant studies have shown that the potential downstream market demand is currently strong worldwide, so as the epidemic fades away and economic activities gradually resume, the market demand will rebound. 

The Popularity of Smart Phones Has Brought Opportunities for the Development of the Industry, and the Position of Traditional POS Machines has Become the Biggest Challenge for the Development of Smart POS Machine Market 

The development of global mobile Internet takes mobile payment as the gateway, and various offline value-added services need Smart POS machines to carry them. Relevant research data shows that the number of global smartphone users has reached 3.5 billion in 2020, and it is expected that the number of global smartphone users will break through 4 billion by 2023. The popularity of smart phones has led to the rapid development of the global mobile Internet, and mobile payment will also follow this trend, thus increasing the global demand for smart POS machines. 

However, as traditional POS machines still play an important role, the promotion and market penetration of smart POS machines need more time and energy. On the one hand, for traditional POS machine suppliers, years of experience in R&D, production, sales and service in the industry is a barrier itself, which needs a certain amount of time to solve. For example, in the specific manufacturing process, chip supply, technical support, testing and certification, it is difficult for latecomers to achieve overnight. On the other hand, whether bank card or TWO-DIMENSIONAL code receipt, acceptance market barriers are difficult to overcome.  Paying permits and legal qualifications deter many new entrants. In addition, payment institutions and banks have more stringent requirements on terminal security. Traditional POS machine manufacturers have strong financial certification ability and financial security risk control experience, and their cooperative relationship with payment institutions and banks is relatively stable. Channel advantage will still make traditional POS machine suppliers have a strong competitive advantage. This poses a threat to the development of smart POS market.

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