MarketsandMarkets forecasts the global Point of Sale (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.
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.
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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.
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
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