The Global POS Security Market is expected to reach $6.6 billion by 2028, rising at a market growth of 8.5% CAGR during the forecast period.
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.
COVID-19 Impact Analysis
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.
Market Growth Factors
Adherence to the Government Rules and Regulations
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.
Data Security is Guaranteed by Cloud-based POS Systems
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.
Market Restraining Factors
Rising Issues Regarding the Implementation of POS Security
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.
Offering Outlook
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.
Vertical Outlook
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 restaurantsconsists 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.
Organization Size
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.
Regional Outlook
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.
Cardinal Matrix-POS Security Market Competition Analysis
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
Strategies Deployed in POS Security Market
Partnerships, Collaborations and Agreements:
- Aug-2022: PayPal entered into an agreement with Visa, an American multinational financial services corporation. This agreement aimed to help PayPal to collaborate with Visa, financial institutions, and others in the payments industry to provide more value, better choices, and experiences for the joint customers at any location, where they transact online, in-app or in-store.
- May-2022: Verifone formed a partnership with Lavu, a major global restaurant software, and payments solution provider. This partnership aimed to combine Lavu’s all-in-one restaurant software portfolio with Verifone’s FLEX payment solution involving its Advanced Payment Methods platform, giving advantages to Lavu and Verifone customers.
- Jan-2022: NCR Corporation came into a partnership with Google Cloud, a suite of cloud computing services. This partnership aimed to expand NCR Commerce Platform and its Retail software product line onto Google Cloud’s global and trusted infrastructure to develop the flexible technology retailers require to provide highly personalized shopping experiences.
- Jan-2022: Verifone entered into a partnership with Affirm, the payment network that empowers consumers and helps merchants drive growth. This partnership aimed to enable Affirm’s transparent as well as flexible payment options broadly accessible on Verifone’s eCommerce and card-present payment solutions.
Product Launches and Product Expansions:
- Apr-2022: PayPal launched its new product, PayPal Checkout. This product provides better payment methods, more flexibility, and optimized customer-friendliness in comparison to PayPal PLUS.
- Nov-2021: PayPal introduced the Zettle Terminal in the UK, an all-in-one point of sale (POS) solution. This solution would provide better mobility in-store for small businesses. The Zettle Terminal is a comprehensive, mobile in-store and omnichannel solution, which provide a wide range of flexible payment options and interoperability among eCommerce, accounting and banking partners to assist companies in operating their business seamlessly and efficiently.
Acquisition & Mergers:
- Jul-2022: Thales took over OneWelcome, a Leader in Customer Identity and Access Management. This acquisition aimed to strengthen Thales's position in the market along with strengthening its authentication and data privacy portfolio as well as the plan to offer a trusted and frictionless digital experience.
- Aug-2021: NCR Corporation took over Foremost Business Systems, a point-of-sale (POS) and restaurant solutions provider. This acquisition aimed to expand the capabilities of the company to offer its solutions and serve customers in thriving local restaurant markets, like Minneapolis.
- Jun-2021: Oracle acquired GloriaFood, an online ordering and food delivery platform. This acquisition aimed to expand the Oracle MICROS Simphony Cloud POS platform through the addition of a global online ordering system and marketing solutions to allow restaurants of all sizes to go digital and serve consumers directly via mobile, web, and apps.
- Jan-2021: NCR Corporation completed its acquisition of Cardtronics, a global financial services technology company. This acquisition aimed to support NCR's payments platform, and the integrated company, which would be able to effortlessly connect retail and banking customers.
Scope of the Study
Market Segments Covered in the Report:
By Offering
- Solution
- Services
By Organization Size
- Large Enterprises
- SMEs
By Vertical
- Retail
- Restaurants
- Hospitality
- Others
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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)
- TokenEx, LLC
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- 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)
- TokenEx, LLC
Methodology
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