Global POS Security Market is valued approximately at USD 4.41 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 10.2% over the forecast period 2023-2030. Point-of-sale security is a payment system, the system that business use to accept, process, and record payment transactions between the business and the customer. POS security measures are critical for preventing unauthorized people from accessing electronic payment systems and lowering the risk of credit card loss or fraud. As digital payment mechanisms become more popular, the necessity for POS security grows. The rise in consumer demand for digital payment modalities, as well as the rising popularity of mobile payment and online payment among developing-nations is driving market expansion. Furthermore, regulatory compliance and an increase in fraudulent activities on e-commerce platforms are driving market expansion.
Cyberattacks have had a significant influence on the retail industry, as hackers target enormous amounts of credit card information and personally identifiable customer data. As a result, there is a growing need for POS security in the retail business to protect their data. According to the Federal Trade Commission’s (FTC) in 2022, Consumer Sentinel Network received over 5.1 million reports, 46 percent of which were for fraud and 21 percent for identity theft. Credit card fraud accounted for 43.7 percent of identity thefts, with miscellaneous identity theft accounting for 28.1 percent, including online shopping and payment account fraud, email and social media fraud, and other identity theft. Additionally, increasing popularity of online shopping also the growing trend of mobile payments is expected to provide significant opportunities for the POS Security Market However, PoS security deployment challenges, as well as a lack of employee understanding of the usage of PoS systems stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global POS Security Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 holding the largest market share owing to the region’s having the most POS security market vendors, the market in this area is expanding as a result of rising usage of electronic payment methods such automated clearing houses (ACH), ATMs, and POS networks. For instance, PayPal Holdings, Inc. announced on October 11, 2022, the availability of the PayPal Zettle Terminal to small companies in the United States. With Terminal, a complete point-of-sale solution, small companies may enhance in-store mobility. Asia Pacific is expected to fastest growing during the forecast period, owing to Rising R&D efforts by many major corporations to provide cutting-edge solutions in this area are anticipated to fuel market revenue growth. For instance, UnionPay International announced the introduction of its Mobile Phone as POS (MPP) solution in international markets on December 15, 2021. Small businesses can quickly and inexpensively transform mobile phones into POS terminals that support a variety of UnionPay payment options, including card/phone touch, Quick Response (QR) codes, and more.
Major market player included in this report are:
Card Connect Corp.
Vend POS Systems
Sophos Group Plc
Lightspeed E-Commerce Co
Check Point Software Technologies Ltd
AO Kaspersky Cybersecurity Lab
Recent Developments in the Market:
Ø In May 2022, The FLEX payment system from Verifone, which includes its Advanced Payments Methods platform, was integrated with Lavu’s all-in-one restaurant software suite as part of a partnership between Verifone and Lavu to offer unified payments and point of sale solutions to restaurants.
Ø on November 15, 2022, the global financial technology firm SumUp launched POS Lite in the United Kingdom, Ireland, France, Germany, and Spain, along with the revised and enhanced Point of Sale system POS Pro. To serve the needs of the smallest businesses, the company is creating an entry-level Point of Sale device dubbed POS Lite. With the enhanced POS Pro, SumUp is extending its product range for businesses of all sizes, regardless of their demands, building on the success of the POS solution. By the end of the year, SumUp will have advanced more quickly towards being the most popular POS system in Europe based on the number of merchants.
Global POS Security Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Offering, Deployment mode, Enterprise size, Industry Vertical, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Size:
By Enterprise Size:
Small and Medium-sized Enterprises
By Industry Vertical:
Middle East & Africa
Rest of Middle East & Africa