The global point-of-sale (POS) security market is expected to reach $7.7 billion by 2030, clipping along at a CAGR of 8.4%, nearly doubling the market’s size in 2022, analyst Research and Markets said in a new report.
POS systems, which include hardware and software, scan credit cards, record transactions and move data to the payment processor that passes the transaction to the associated banks.
What's Moving the POS Market?
According to Research and Markets, factors driving the POS market’s strong growth include:
- The increasing adoption of cashless payment modes
- The growing need to adhere to PCI DSS guidelines
- Increased attacks on digital payments
Increasing adoption of cloud-based applications by small and medium-sized businesses and large enterprises have also stimulated the market’s growth, the analyst said. Cloud-based POS software update data in real time from multiple locations and create daily reports.
More From the Report
Here are some highlights from the report:
- Services segment is attributed to the most significant market share as the need for services such as deployment & integration, support and maintenance expanded as more solutions were adopted.
- Large enterprises are expected to generate the largest share of market revenue in 2021 due to their abundance of data. Large enterprises are prime targets for cybersecurity attacks.
- Retail is expected to account for the most significant market value over the forecast period. An increasing emphasis on cashless transactions has boosted the segment's expansion.
- An increasing number of breaches in North America have resulted in the growth of the point-of-sale security market.
Skimmers are a favored method for small-time hackers to steal confidential personal information from point-of sale systems for financial gain. For example, last month skimmers placed on point-of-sale terminals at two High Point, North Carolina Walmart stores enabled hackers to get away with some $100,000, according to law enforcement officials.
