The global Biometric Point-of-Sale Terminals market is expected to be valued at USD 7,880.0 million in 2022 and is projected to grow at a CAGR of 12.3% during the forecast period from 2022 to 2030.
Biometric Point-of-Sale Terminals Market Overview:
Biometric technology is used to identify and authenticate a person with the help of biological and behavioral characteristics. Employees are asked for a user ID as soon as they log into the retail PoS system. However, all you have to do is scan your finger on the biometric fingerprint reader without entering a password. Every time an employee attempts to access a password-protected area, they must scan their finger. This leads to increased liability to ensure protection against accidental and intentional damage to corporate data. Based on technology, fingerprint recognition, iris-retina scan recognition, palm-vein recognition, iris recognition, voice recognition and facial recognition are the global market segments for biometric point-of-sale terminals. Among them, fingerprint recognition dominates the market. The importance of this segment can be attributed to the convenience, ease of access and high accuracy provided by this technology.
Biometric Point-of-Sale Terminals market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Biometric Point-of-Sale Terminals market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
Significant Biometric Point-of-Sale Terminals Market Dynamics and Growth Factors:
Rising fraud incidents at POS terminals have been a major growth driver for the global biometric point-of-sale terminals market. More and more restaurants are adopting biometric technology in their merchant POS terminals to track employee attendance and time and maintain security while paying. Several government agencies and private sector companies and corporations are deploying these technologies. As a result, increasing demand is expected to lead to greater expansion of the global market for biometric point-of-sale terminals.
Demand for biometric point-of-sale terminals will increase as hackers worldwide find new ways to target vulnerable POS terminals. Installing a skimmer and using a POS RAM scarper to read and transfer data from cards swiped from a POS terminal were some of the key techniques adopted by hackers, and these techniques had to be deployed to prevent these thefts.
- MeReal Card, a user authentication system, is created by MeReal Biometrics, a Hong Kong-based start-up. It associates each transaction's acoustic one-time password (OTP) and radio-frequency identification (RFID) with the customer's fingerprint.
- Telpo has updated its TPS900 biometric POS terminal to accept numerous payment methods and assure compliance with the Payment Services Directive 2 (PSD2) regulation's Strong Customer Authentication (SCA) criteria.
The Biometric Point-of-Sale Terminals market research report is categorized based on type, applications and region.
Market Key Players:
BIYO LLC, EKEMP Intl Ltd., Fujitsu Ltd., Ingenico Group SA, M2SYS Technology, SmartMetric Inc., Sthaler Ltd., VeriFone Inc., Zvetco LLC, and Zwipe AS, and others.
- Fingerprint Identification
- Palm-vein Identification
- Facial Recognition
- Voice Identification
- Finance & Banking
- Medical and Healthcare
Geographically, the global Biometric Point-of-Sale Terminals market has been analysed in various regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
Western Europe, North America. In 2015, North America emerged as a major regional segment with a major share in the global market for biometric point-of-sale terminals.
The Asia-Pacific region is expected to witness significant growth due to increasing non-cash payments by consumers, favorable government initiatives, expanding technology penetration, and increasing purchasing power of people. In India, for example, YES BANK has teamed up with Lastmile.mobi to develop a POS terminal that allows biometric authentication to perform cash withdrawals, transfers and balance inquiries, among many other functions. The Middle East and Africa (MEA) could also see significant growth as the industry thrives.
- North America
- Rest of North America
- The Netherlands
- Nordic Countries
- Benelux Union
- Rest of Europe
- Rest of Southeast Asia
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Biometric Point-of-Sale Terminals Market report scope
CAGR of 12.3% from 2022 to 2030.
Fingerprint Identification, Palm-vein Identification, Facial Recognition, Voice Identification
Healthcare, Retail, Finance & Banking
BIYO LLC, EKEMP Intl Ltd., Fujitsu Ltd., Ingenico Group SA, M2SYS Technology, SmartMetric Inc., Sthaler Ltd., VeriFone Inc., Zvetco LLC, and Zwipe AS
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
Key Takeaways from this Biometric Point-of-Sale Terminals Report
- Estimate Biometric Point-of-Sale Terminals market potential through analysing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Biometric Point-of-Sale Terminals market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions
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