The "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" report has been added to ResearchAndMarkets.com's offering.

The global 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.

Large enterprises to hold the largest market size during the forecast period

According to OECD, large enterprises employ more than 250 people. Large enterprises are witnessing high adoption of POS security solutions. These enterprises possess the required finance and workforce to be able to implement POS security solutions and services in their systems. Large enterprises possess a huge volume of data, which makes them attractive targets for cybersecurity attacks. Credit and debit card data theft is one of the most common forms of cybersecurity threats and is increasingly being done by targeting the POS systems.

Products and solutions involving technologies such as P2PE, tokenization, and the use of EMV cards are being employed by the enterprises to avoid the POS attacks. Governments of several countries have invested in payment data regulations over the years. Large enterprises across the globe have been prompted to adopt POS security solutions due to the strict regulatory norms on payments data and other data privacy laws and to prevent huge financial losses caused by POS attacks.

Restaurants vertical to grow at the highest CAGR during the forecast period

The restaurants vertical includes independent and franchise restaurants (quick service, casual, and fine dining), bakery, bars and breweries, and cafes. According to a report by investor, one of the large-scale industries most vulnerable to cyberattacks is the restaurant business. Restaurants provide access to critically private financial data of diners. Restaurant servers store large databases of diners' details, which can be targeted for malicious purposes by cyberattackers.

In the cyberattacks, criminals inject malicious software in the POS hardware to gain access to card and payment information. POS attacks are a serious concern for restaurant businesses that can lead to a lack of trust with customers and a crippled system that could also affect the revenue of the businesses. In 2019, the Catch group announced data breaches in several of Catch restaurants stemming from malware in its POS systems.

The attack exposed the payment data of the customers. Several vendors are providing POS security solutions to the restaurants vertical. Upserve provides Upserve POS as a POS security solution which is a cloud-based POS solution that works on an enclosed system to keep customer data safe. It provides encryption and tokenization to secure the data.

North America to hold the largest market size during the forecast period

North America is expected to be the largest contributor in terms of the market size in the global POS security market. North America has the presence of the largest number of POS security market vendors among all the regions considered. According to the Payment systems in the United States report by the Bank for International Settlements, a variety of payment instruments and settlement mechanisms are available to discharge payment obligations between and among financial institutions and their customers in the US.

The use of electronic payment mechanisms, such as automated clearing house (ACH), ATM and POS networks, however, have been rapidly growing. The significant use POS systems by verticals such as retail, restaurants, and hospitality have led to increased adoption of POS security solutions. The region is also witnessing a rise in POS system attacks. The attacks on POS systems have led to growth in the adoption of POS security systems in the region.

The growing concerns for the protection of sensitive payment data have increased government intervention over the years. Various security-related regulatory compliances control the protection of the POS systems in the North America region. The PCI DSS, and other regulatory compliances help organizations in protecting the sensitive data of their customers. The California Consumer Privacy Act (CCPA) gives consumers more control over the personal information that businesses collect about them and the CCPA regulations provide guidance on the procedure to implement the law.

Market Dynamics

Drivers

• Growing Scale of Data Breaches Involving Pos Systems
• Need for Compliance with Regulations

Restraints

• Issues with Traditional Pos Protection Approach
• Pos Security Deployment Issues

Opportunities

• Rise in Cybercrimes
• Growing Need for Data Security
• Rising Penetration of Ecommerce Platforms

Challenges

• Lack of Awareness Among Employees Using Pos Systems

Companies Mentioned

• Acunetix
• Bluefin
• BPA POS
• CardConnect
• Check Point
• Clover
• Elavon
• Fortinet
• Helcim
• Hideez
• Kaspersky
• Micro Focus
• Morphisec
• NCR
• Oracle
• PayPal
• Sophos
• Square
• TempusPayment
• TeskaLabs
• Thales
• TokenEx
• Tripwire
• Upserve
• Vend
• Verifone

For more information about this report visit https://www.researchandmarkets.com/r/ygtd4z

View source version on businesswire.com: https://www.businesswire.com/news/home/20221024005842/en/