POS Security Market Size, Top Countries Data, Industry Share, Company Overview, Industrial Statistics, Regional Economy, Development and Forecast to 2027

September 14 16:42 2022
POS Security Market Size, Top Countries Data, Industry Share, Company Overview, Industrial Statistics, Regional Economy, Development and Forecast to 2027
Oracle (US), Micro Focus (UK), NCR (US), Fortinet (US), Verifone (US), PayPal (US), Check Point (US), CardConnect (US), Morphisec (US), Kaspersky (Switzerland), Sophos (UK), Thales (France), Upserve (US), Tripwire (US), Elavon (US), TempusPayment (US), Bluefin (US), SquareUp (US), Acunetix (Malta), Vend (New Zealand), TokenEx (US), BPAPOS (US).
POS Security Market by Offering (Solutions and Services), Organization Size (SMEs and Large Enterprises), Vertical (Retail, Restaurants, and Hospitality), and Region (North America, Europe, APAC, MEA, Latin America) – Global Forecast to 2027

MarketsandMarkets forecasts the global POS Security Market size is expected to grow from an estimated value of USD 4.0 billion in 2022 to USD 6.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.6% from 2022 to 2027. Growing scale of data breaches that involve POS system compromise and compliance with regulations are some of the factors that are driving the market growth.

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By organization size, SMEs to grow at the highest CAGR during the forecast period

SMEs play a key role in most economies, particularly in developing countries. They are important contributors to job creation and the global economic development. According to the World Bank’s report, Small and Medium Enterprises Finance, they represent 90% of the businesses and more than 50% of the employment worldwide. The threat of cybercrime is continuously rising but the general awareness and resilience amongst small and medium enterprises remains low. One of the obstacles faced by SMEs in growing their business in emerging markets and developing countries is finance. SMEs also lack appropriate security measures deployed to their systems. One of the most common forms of cyber-attacks against SMEs are related to payments. The methods to steal the confidential data include through malware and skimming. These attacks aim at exploiting the customers’ personal data and payment data. These factors have contributed to SMEs increasingly adopting POS security solutions. The adoption rate of POS security solutions and services by SMEs is expected to increase over the years.

By vertical, retail segment to hold a larger market size during the forecast period

Retailers are increasingly deploying POS systems to increase the efficiency of their operations. The retail vertical consists of supermarkets/hypermarkets, grocery stores, specialty stores, convenience stores, gas stations, discount stores, department stores, among others. Greater convenience comes through better connectivity between retailers and customers across multiple checkpoints. However, growing intensity of cyber threats along with the pressure to keep up with the technology innovation has put retailers in a precarious situation. Moreover, regulatory compliances by the central banks and governments of several countries, including the PCI DSS, has prompted the retail trade owners to adopt POS security products and solutions. According to the TrustWave Global Security Report in 2018, the retail industry bagged the ‘most compromised’ industry label. The primary target was the payment card data. POS security vendors are increasingly offering solutions in the retail industry. Tripwire POS threat protection, a part of Tripwire Enterprise, delivers comprehensive POS protection with over 35 policies and 55 tests, and offers early detection, reducing the time for massive damages and the recovery time.

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What is POS Security?

According to MarketsandMarkets, POS security ensures that POS system – when used by end users for purchases and transactions, are ‘secure’. POS security measures are imperative to prevent unauthorized users from accessing the electronic payments system, thus protecting a businesses and customers’ sensitive data such as credit card information from theft or fraud.

Competitive Overview:

The POS security market is led by some of the globally established players such as Oracle, Micro Focus, NCR, Fortinet, Verifone, PayPal, Check Point, CardConnect, Morphisec, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.

Oracle is a cloud-technology based company that provides organizations around the globe with computing infrastructure and software solutions. It provides products under Oracle Cloud Infrastructure, Oracle Cloud Applications, and hardware and software. In Oracle Cloud Infrastructure, it provides products for domains such as AI and machine learning, analytics and BI, big data, compliance, hybrid cloud, networking, and security. In Oracle Cloud Applications, it provides products for enterprise resource planning, supply chain and manufacturing, customer experience, and human capital management. In the POS security domain, it provides Oracle MICROS POS Systems which makes available secure POS systems to customers across several industries. Oracle MICROS POS Systems provide stable, reliable, and secure point of sale (POS) systems and serves both cloud-based and on-premises POS customers. It automatically updates and secures itself in the Oracle cloud.

Apart from large players, SMEs, and start-ups such as Helcim, Hideez, TeskaLabs, Clover, among others are also evolving in the POS security market space.

Another important player in the POS security market is Upserve. Upserve provides restaurant management platform, which allows restaurants to run and manage their entire business effectively. It provides products for restaurant POS, restaurant management, Upserve workforce, inventory, tableside ordering, online ordering, loyalty program, payment processing and EMV, and hardware. In the POS security domain, it provides the cloud-based POS system. The cloud works on an enclosed system that keeps the information and data safe. End-to-end encryption is another element that is important for POS security; the data that is handled by Upserve POS and transmitted, is always encrypted to ensure security. As the card is swiped for payments, the system tokenizes the data to provide security; it replaces all sensitive data with unique identification symbols. Upserve POS’s fully integrated EMV solution helps to keep fraudulent charges at bay. Additionally, merchants who process payments, need to adhere to the PCI compliance which is ensured by the company’s POS system. It also provides a 24/7 support team to solve problems and provide solutions to the customers in the shortest time.

According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 40-50% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2022 onward, companies are expected to follow organic growth strategies to provide POS security solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.

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