Global POS Security Market Report 2022 to 2028: Players Include Oracle, NCR, Fortinet, Check Point Software Technologies and Thales

DUBLIN, March 6, 2023 /PRNewswire/ -- The "Global POS Security Market Size, Share & Industry Trends Analysis Report by Offering, Organization Size, Vertical, Regional Outlook and Forecast, 2022-2028" report has been added to  ResearchAndMarkets.com's offering.

The Global POS Security Market size is expected to reach $6.6 billion by 2028, rising at a market growth of 8.5% CAGR during the forecast period.

Key Market Players

• 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

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.

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
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

For more information about this report visit https://www.researchandmarkets.com/r/2x5fva

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SOURCE Research and Markets