POS Security Market Latest Trends, Size, Top Key Players, Industry Analysis, Advance Technology, Future Development & Forecast - 2027

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.
The global Point of Sale (POS) Security market [https://www.marketsandmarkets.com/Market-Reports/pos-security-market-114467728.html?utm_campaign=PaidPr&utm_source=Abnewswire&utm_medium=Referral] 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.

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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.

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Unique Features in the POS Security Market

Use of cutting-edge encryption techniques is one of the market's unique advantages for point-of-sale security. Sensitive information, including payment card numbers and other client information, is safely transferred and stored thanks to encryption. End-to-end encryption (E2EE) and tokenization are two features of modern point-of-sale (POS) security solutions that drastically lower the risk of data breaches by replacing sensitive data with one-of-a-kind tokens that are useless if intercepted.

POS security is changing as a result of the combination of machine learning (ML) and artificial intelligence (AI). Large volumes of transaction data can be analyzed by AI and ML algorithms to find trends that point to possible fraudulent activity. These technologies make it possible for adaptive learning and real-time threat detection, which progressively enhance the system's capacity to recognize and avert complex threats.

Multi-factor authentication (MFA) is becoming a standard feature in POS security solutions. MFA requires users to provide multiple forms of identification before accessing the system, such as something they know (password), something they have (smartphone), and something they are (fingerprint). This additional layer of security ensures that even if one factor is compromised, unauthorized access is still prevented, thereby enhancing the overall security posture.

As businesses increasingly move their POS systems to the cloud, secure cloud integration has become a crucial feature. Cloud-based POS security solutions offer centralized management, regular security updates, and scalable protection across multiple locations. These solutions provide robust security controls, including data encryption, access control, and compliance management, ensuring that cloud-hosted POS systems remain secure against emerging threats.

Real-time monitoring and alerts are essential for maintaining the security of POS systems. Modern POS security solutions provide continuous monitoring of transactions and system activities, coupled with instant alerts for any suspicious behavior or anomalies. These real-time capabilities enable rapid response to potential threats, minimizing the impact of security incidents and ensuring the integrity of the POS environment.

Major Highlights of the POS Security Market

Because POS systems are the subject of more sophisticated and frequent cyberattacks, the market for POS security is growing in importance. Since hackers are always coming up with new ways to exploit holes in POS equipment, sophisticated security measures are required. Strong POS security solutions are essential to preserve sensitive client data and guarantee transaction integrity, as the threat landscape continues to evolve.

The broad use of modern encryption and tokenization technology is one of the main features of the POS security sector. Data is secured from the point of capture to the point of processing thanks to end-to-end encryption, or E2EE, which prevents unauthorized users from accessing the data. Tokenization lowers the possibility of data breaches and improves overall transaction security by substituting unique identifiers for sensitive card information.

The integration of AI and ML into POS security solutions is revolutionizing the market. These technologies enable real-time threat detection, anomaly detection, and predictive analytics, significantly enhancing the ability to identify and mitigate potential security threats. AI and ML algorithms continuously learn and adapt, improving their effectiveness in preventing fraudulent activities and cyber-attacks.

Multi-factor authentication (MFA) has become a crucial feature in POS security. By requiring multiple forms of verification, MFA adds an additional layer of security, making it more difficult for attackers to gain unauthorized access to POS systems. This feature is particularly important in preventing identity theft and ensuring that only authorized personnel can process transactions.

The shift towards cloud-based POS systems has driven the development of secure cloud integration features. Cloud-based POS security solutions offer centralized management, automatic updates, and scalable protection, making it easier for businesses to maintain secure environments across multiple locations. These solutions ensure that cloud-hosted POS systems are protected against emerging threats and comply with industry standards.

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Top Companies in the POS Security Market

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.

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