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Rising scale of data breaches involving POS systems is a key factor driving the POS security market revenue growth

VANCOUVER, BRITISH COLUMBIA, CANADA, January 12, 2023 /EINPresswire.com/ -- The global Point-Of-Sale (POS) security market size reached USD 3.70 Billion in 2021 and is expected to register a revenue CAGR of 8.6% during the forecast period, according to the latest analysis by Emergen Research. Rising deployment of cloud base POS systems is driving revenue growth of the market. All of the customer data in a cloud-based POS system is kept online. The cloud POS system service provider is now in charge of maintaining the security of customer and business data. Cloud POS is more secure as the POS will manage all data storage and security in a remote, secure location. In contrast to traditional POS systems, which are problematic in terms of data security, especially when a company is obliged to maintain its own data server on-site, a safe cloud-based POS system would relieve the burden of data management from daily responsibilities.

However, issues with conventional POS protection approach could restrain revenue growth of the market. It is important to understand that there is a security risk associated with any POS system. Many attackers just use weak systems to hunt for targets before initiating automated assaults on their POS setups.

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Customers can make purchases and complete transactions in safe surroundings thanks to point-of-sale security (POS security). To prevent unauthorised users from accessing electronic payment systems and lower the chance of credit card information theft or fraud, POS security measures are essential. Cybercriminals have a lot of possibilities thanks to POS hacks. Numerous client details, including 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. Additionally, criminal actors may be able to steal millions of credit or debit card numbers by stealing a single application, which they may then use fraudulently or sell to other hackers or unrelated parties.

Hackers can also acquire huge amounts of customer data from compromised POS software used by merchants as well as other programmes and systems the retailer uses. As a result, businesses need point-of-sale system security to safeguard their applications, thwart intrusions from outside parties, guard against mobile malware, and stop hackers from infiltrating their back-end systems.

Emergen Research has segmented the global POS security market on the basis of offering, vertical, organization size, and region:

Offering Type Outlook (Revenue, USD Billion; 2019–2030)

Solution

Services

Development and Integration

Training and Education

Support and Maintenance

Vertical Outlook (Revenue, USD Billion; 2019–2030)

Retail

Hospitality

Restaurant

Other Verticals

Organization Size Outlook (Revenue, USD Billion; 2019–2030)

SMEs

Large Enterprises

Comprehensive Regional Analysis Covers the Following Regions:

North America (U.S., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Top Impacting Elements

Adherence to Regulations:

To manage and safeguard PoS systems, organisations must adhere to data privacy and protection standards. These security requirements are governed by the Payment Card Industry Data Security Standard (PCI DSS), which applies to 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. Furthermore, it is a complete collection of requirements that impose tight information security controls and procedures on merchants and service providers who keep, handle, or transfer client credit card data. The installation of a firewall configuration to safeguard cardholder data, the upkeep of secure systems and applications, and limiting physical access to payment information are some other crucial needs that drive demand for PoS security software globally. These are the main forces propelling the market's expansion.

Increased Use of Digital Payment Methods:

The industry is expanding as a result of rising consumer demand for the use of digital payment methods and the rising popularity of mobile and online payments among young people in developing countries. The COVID-19 epidemic has also brought about a significant shift in the workplace culture in every banking sector, which propels the market's expansion. Additionally, benefits like improved customer convenience, reduced processing costs, decreased chance of theft, and high transparency are encouraging more people to use digital payments, which increases the demand for PoS security software among banks and financial institutions. Further driving the digitalization of the payment processing sector are mobile point of sale (mPoS), mobile wallet, contactless payments, and real-time payments, which required PoS security software to safeguard client data from a cyber-attack.

An Increase in E-commerce Fraud:

E-commerce is the term used to describe the internet channel used by business owners to sell their goods and services to customers. Over the past few years, e-commerce has rapidly increased as a result of smartphones becoming more widely used and quicker internet connectivity. Due to the convenience of purchasing and getting products at one's doorstep, consumers are increasingly choosing to buy a variety of goods and services online, including books, groceries, health & beauty products, computer & electronics, and clothing & accessories. In order to streamline the money acceptance service and secure the banking information of the clients, this raises demand for PoS security software among the e-commerce business, which fuels the market's expansion globally.

Key Players Profiled in the Report are:

Oracle Corporation, Fortinet, Inc., VeriFone, Inc., PayPal Payments Private Limited, Check Point Software Technologies Ltd., CardConnect, Morphisec Ltd., Kaspersky Lab., Sophos Ltd., and Upserve, Inc.

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Some Key Highlights From the Report

The service segment accounted for largest revenue share in 2021. Customers are helped by services provided by vendors in the POS security market in utilizing and managing POS security solutions effectively. The solution comes with a number of services, including implementation and integration, education and training, and support and maintenance. Security is a feature that some providers include with POS terminals. One of the fundamental and important stages toward safeguarding sensitive information is integrating a comprehensive and reliable POS security architecture. The standards and compliances established by governmental entities and other organizations are taken into consideration while designing the security architecture. System integration entails minimally deviating from requirements while integrating the POS system into the customer's security system strategy which is driving revenue growth of the segment.

The large enterprise segment accounted for largest revenue share in 2021 owing to its various advantages provided by POS systems including better inventory management, better customer management, better purchasing and supplier order management, and others. Using a POS makes it simple to manage the inventory. It enables large businesses to keep track of the number of items they hold throughout a specific time period and manage their inventory in real time. These businesses have the necessary resources, including money and labor, to deploy POS security solutions and services in their systems. Large businesses are prime targets for cybersecurity assaults due to their abundance of data. One of the most frequent cybersecurity dangers is the theft of credit and debit card information, which is increasingly done through attacking POS systems. Large organizations systems are frequently subject to these attacks because of inadequate security measures in their corporate Information Technology (IT) architecture which is creating high adoption of POS security, thus driving revenue growth of the segment.

The retail segment accounted for largest revenue share in 2021. Cyberattacks have severely impacted the retail sector as hackers target massive quantities of credit card information and personally identifiable consumer data. Thus, there is a rising demand for POS security in the retail industry to safeguard their data. Furthermore, it provides various other benefits such as better customer management which is expected to boost market growth. Information about the customers can be stored in the system by using a POS system. Customers information may be used by retail business owners to send promotions to them in an effort to increase their frequency of visits or foster customer loyalty. The technology can assist in tracking each consumer so that specific promotions can be made. By effectively managing customer information, shop owners can fully comprehend their target customers and take smarter business decisions.

The market in Asia Pacific accounted for largest revenue share in 2021. Presence of key companies in developing countries in this region such as U.S. is driving revenue growth of the market. Rising technological advancement and adoption of POS in industries are expected to boost market growth in this region. On 11 October 2022 for instance, the introduction of the PayPal Zettle Terminal to small businesses in the U.S. was announced by PayPal Holdings, Inc. Small businesses can boost their in-store mobility with Terminal, an all-in-one point-of-sale system. Terminal doesn't require a second device to pair with owing to its slick design; it is ready to use right out of the box. This touchscreen-enabled digital in-store solution is simple to set up and operate, giving small businesses convenience, speed, and mobility.

The report provides a comprehensive analysis in an organized manner in the form of tables, graphs, charts, figures, and diagrams. The organized data paves the way for thorough examination and research of the current and future outlook of the market. The report further offers a thorough SWOT and Porter’s Five Forces analysis to impart a better understanding of the competitive landscape of the Point-Of-Sale (POS) security market.

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