According to a research report "POS Security Market Trends 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" published by MarketsandMarkets, 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.
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.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific is expected to be the fastest growing region in the POS security market. APAC experiences substantial security spending owing to the ever-growing threat landscape of the region. Digitalization has been impacting countries in Asia and this effect is set to grow in the aftermath of the Covid-19 pandemic. One of the characteristics of this vast and diverse region is the presence of a large SME sector comprising most enterprises in all the region’s economies. The requirement of large investments acts as a barrier for SMEs to adopt POS security solutions. But factors such as increasing digitalization, high internet usage, and adoption of smartphones are the factors fueling the POS security market. In recent years, Asia Pacific has undergone tremendous economic growth, political transformation, and social change. Organizations in this region are also increasingly focusing on creating better experiences for their users by providing security to their sensitive payment data. Organizations that deal with highly sensitive customer data are increasingly adopting POS security solutions. The governments of the countries in Asia Pacific have also set up regulations and compliances for payment systems including POS terminals, to ensure security.
Key Players
The key players in the global POS security market include 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), TeskaLabs (UK), Clover (US), Helcim (Canada), and Hideez (US).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]