POS Security Market Expected to Reach $10.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “POS Security Market," The pos security market was valued at $4 billion in 2021, and is estimated to reach $10.3 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

POS security measures are crucial as data volumes increase exponentially alongside the growth in known and unknown attack vectors and security threats. The data held within POS systems is hugely valuable and could be highly damaging for organizations and their customers if it is lost or stolen. Organizations that rely on POS systems must prioritize POS security to protect their sensitive customer data and prevent the breach of customer payment information. They must introduce measures that protect POS systems and safeguard customer transactions, and provide training for employees on the risks of POS security policies and incidents.

Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, to protect restaurant, retail and hospitality merchants against cyberattacks, Netsurion, a leading provider of remotely-managed data and network security services for multi-location businesses, has named POS Solutions a Gold Partner. The company will resell Netsurion’s Brand Guard services bundled with its own point of sale (POS) packages to give customers enterprise-level security for a fraction of the cost. By offering Netsurion merchant data security solutions, POS Solutions will provide their customers with the level of network security required to gain PCI compliance and safely process transactions, offer secure Wi-Fi, and ultimately protect their customers and business.

On the basis of industry vertical, the retail segment attained the highest PoS security market share in 2021. This is attributed to the fact that retailers are rapidly deploying PoS security industry systems to increase the efficiency of their operations. Moreover, good connectivity between retailers and customers across multiple checkpoints gives greater convenience, which has led to increased attacks on the PoS systems by hackers to steal PII and payment card information. Thus, retailers adopted PoS systems on a large scale for their business. 

Furthermore, the transportation segment is forecasted to grow at a significant growth rate during the forecast period. This is attributed to the fact that transportation companies largely prefer PoS processing solutions, as it offers the highest security with the best innovation for bill payments and provides an ability to have customers pay their bills online, or through any medium of channel.

Based on region, Asia-Pacific attained the highest growth in 2021. This is attributed to Asia-Pacific PoS security market possesses high potential for growth and is analyzed to include mature markets of Japan and Australia, countries with growing population like China, and emerging markets including Hong Kong and South Korea. Moreover, APAC nations are investing more and more in retail PoS initiatives. These factors boost the adoption of PoS security market in this region.

COVID-19 had a negative impact on the PoS security market size as the retail shops were closed due to the lockdown and customers were not able to purchase from the stores and therefore, the PoS transactions could not be done. Thus, the COVID-19 had a negative impact on the PoS security market trends.

Key Findings of the Study

• By offering, the solution segment led the PoS security market trends in terms of revenue in 2021.
• By enterprise size, the large enterprise segment accounted for the highest POS security market growth in 2021.
• By deployment mode, the on-premise segment accounted for the highest PoS security market share in 2021.
• By region, the North America segment accounted for the highest PoS security market growth in 2021

The report analyzes the profiles of key players operating in the PoS security market such as AO Kaspersky Lab, CardConnect, Check Point Software Technologies Ltd., EPoS Now, Fortinet, Inc., Lightspeed, Morphisec Ltd., Sophos Ltd., Upserve, Inc. and Vend. These players have adopted various strategies to increase their market penetration and strengthen their position in the PoS security market analysis.