The Global POS Security Market size is expected to reach $6.6 billion by 2028, rising at a market growth of 8.5% CAGR during the forecast period.
The automated cash register technology known as point of sale, or POS, enables customers to monitor and log customer orders. It also links other systems via a network that records data pertaining to geographically scattered areas. Small shops are able to access transaction details due to mobile payment processing. It is anticipated that the POS terminal industry will benefit from the emergence of complex data analytics, the growth of credit card payments, and shifting customer expectations.
In addition, retailers are constantly seeking for fresh approaches to benefit from fresh methods and apps. Additionally, it is anticipated that the market for POS terminals would benefit from the growing emphasis on delivering a smooth client experience during the forecast period. Consumers can buy products and complete transactions in safe environments due largely to point-of-sale security (POS security).
To prohibit unauthorized individuals from obtaining electronic payment systems and lower the chance of credit card data theft or fraud, POS security measures are necessary. Cybercriminals have a lot of possibilities owing to POS hacks. Numerous client details, especially credit card numbers and personally identifiable information (PII), are contained in POS apps and may be exploited to steal money or engage in more extensive identity fraud.
The pandemic caused a significant impact in the retail industry. Additionally, consumers are using more sales techniques including virtual consultations, curbside pickup, contactless payments, and even social commerce, or buying things on social media, more frequently. Due to the increased global usage of digital payment services, the payment security is anticipated to thrive in the COVID-19 scenario. Also, a number of banks and financial institutions are implementing payment security software to reduce the damage they have experienced as a result of the pandemic and to increase their market share.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
To maintain and safeguard POS systems, businesses must adhere to data privacy and protection requirements. This includes the PCI Data Security Standard (PCI DSS), which governs security requirements for all businesses that process credit cards. The PCI Security Standards Council, which is in charge of enforcing PCI DSS, is mandated by financial firms and is in charge of overseeing its implementation. It is a full set of requirements that impose tight data security controls and procedures on merchants as well as service providers who keep, process, or transfer client credit card data.
All of the customer data in a cloud-based POS system is kept online. The service provider is in charge of maintaining the security of customer and business data. Because the POS would manage all data storage as well as security in a remote, reliable location, cloud POS is more secured. Traditional POS systems are dangerous with data security, especially when a firm is needed to host their own data server on-site. A safe cloud-based POS system would eliminate the load of data management from the daily tasks.
Businesses employ a variety of security solutions. Endpoint security products, firewalls, and other security tools are frequently used by organizations. These items were progressively deployed, with various budgets used to purchase them, and they are run by various teams and vendors. The value proposition for POS security is predicated on businesses replacing these current solutions with a collection of proprietary, integrated products. Not all businesses are eager to throw away their current solutions and replace them.
On the basis of offering, the POS security market is divided into Solution and Services. Solutions segment garnered the highest revenue share in the POS security market in 2021. A POS solution, often known as a point-of-sale system, streamlines retail sales activities. A cash machine is a common example of a POS system. A barcode scanner, cash drawer, card reader, and receipt printer are essential components of advanced POS systems, which are a blend of hardware and software.
Based on vertical, the POS security market is segmented into Retail, Hospitality, Restaurants and others. The restaurants segment acquired a significant revenue share in the POS security market in 2021. A point of sale system in restaurants consists of the hardware (POS) and software (hospitality point of sale) that controls a sales transaction, comprising receipt printing, credit card processing, and other functions. Unlike retail or hotel enterprises, restaurant POS systems are created exclusively for the restaurant industry.
On the basis of organization size, the POS security market is fragmented into SMEs and Large enterprises. SMEs segment recorded a significant revenue share in the POS security market in 2021. It is due to the fact that SMEs do have a dearth of the workforce, which is motivating them to adopt solutions that helps them to boost production and accuracy. In addition, the rise in the number of SMEs working across various nations would escalate the demand for POS security market over the forecast period.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 3.9 Billion |
| Market size forecast in 2028 | USD 6.6 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 8.5% from 2022 to 2028 |
| Number of Pages | 195 |
| Number of Tables | 343 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Offering, Organization Size, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the POS security market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the POS security market with the largest revenue share in 2021. This region has the most POS security market suppliers of all the regions considered. The region is seeing a surge in usage of electronic payment systems such POS networks, ATMs, and automated clearing houses (ACH). Consumers have a variety of payment options due to the growth of online POS terminals and the extensive use of credit and debit cards in retail locations.
Free Valuable Insights: Global POS Security Market size to reach USD 6.6 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation and PayPal Holdings, Inc. are the forerunners in the POS Security Market. Companies such as NCR Corporation, Thales Group S.A., Check Point Software Technologies Ltd. are some of the key innovators in POS Security Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, NCR Corporation, Fortinet, Inc., Check Point Software Technologies Ltd., Thales Group S.A., PayPal Holdings, Inc., Micro Focus International PLC, Kaspersky Lab, VeriFone Holdings, Inc. (Francisco Partners), and TokenEx, LLC
By Offering
By Organization Size
By Vertical
By Geography
The global POS Security Market size is expected to reach $6.6 billion by 2028.
Adherence To The Government Rules And Regulations are driving the market in coming years, however, Rising Issues Regarding The Implementation Of Pos Security restraints the growth of the market.
Oracle Corporation, NCR Corporation, Fortinet, Inc., Check Point Software Technologies Ltd., Thales Group S.A., PayPal Holdings, Inc., Micro Focus International PLC, Kaspersky Lab, VeriFone Holdings, Inc. (Francisco Partners), and TokenEx, LLC.
The Large Enterprises segment is leading the Global POS Security Market by Organization Size in 2021 thereby, achieving a market value of $47.4 billion by 2028.
The Public segment acquired maximum revenue share in the Global POS Security Market by Deployment in 2021 thereby, achieving a market value of $33.2 billion by 2028.
The North America market dominated the Global POS Security Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $23.3 billion by 2028.
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