Global biometric Point of Sale terminals market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 28% during the forecast period.
Global Biometric Point of Sale Terminals Market
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Global biometric Point of Sale terminals market Definition
Point of Sale terminal (POS) is a hardware system or an electronic device which is basically used to process card payments at retail or any other locations. A biometric POS terminal is a machine which uses biometric technology for supplementary payment behaviour and personal information confirmation.
Global biometric Point of Sale terminals market Dynamics
The global biometric POS market has been seeing ample growth from the past decade. The growth of the market is majorly driven by high scale adoption of biometric POS terminals or machines such as biometric kiosk machine, handheld POS, biometric cash register, and desktop POS for various applications. Growing market for biometric technology such as fingerprint and palm recognition, face and iris recognition and voice recognition, rising adoption of biometric POS in retail business, increasing adoption of handheld biometric POS terminals and rising use of smart cards are expected to improve the growth of the market during the forecast period.
However, lack of uniform standards and lack of awareness among the enterprises and retail industry in developing economies are the major restraining factors that could hamper the growth of the market.
Global Biometric Point of Sale Terminals Market: Segmentation Analysis
By technology, the fingerprint scanner segment dominated the market in 2019 and is projected to witness fast growth at a CAGR of XX% during the forecast period. The use of biometric technology like fingerprint recognition or scanner in the POS industry is becoming increasingly popular across the globe. The use of fingerprint scanning technology in biometric POS terminals eliminates the use of pin numbers and barcodes, increases accuracy, and security by reducing buddy-punching fraud and also increases the overall operational efficiency of the business, which ultimately results into the growth of the market. Rising development and advancements in biometric technology to use in POS terminals is further propelling the growth of the market. For instance, in Jul 2019, Beijing Wiseasy Technology announced integration of Next Biometrics UIDAI-certified fingerprint sensor and STQC technology into POS terminals for Aadhaar Enabled Payment System (AEPS) applications in the Indian market.
By End-User, the retail segment dominated the market in 2019 and is projected to witness fast growth at a CAGR of XX% during the forecast period. The retail market is adopting advanced and modern biometric POS terminals to perform efficient, secure, and faster business operations. A rising demand for biometric POS in retail industry owing to its benefits such as quick and secure digital payment, protection of consumers from theft of card cloning, versatility and portability and enhanced billing efficiency is anticipated to improve the growth of the market during the forecast period. In addition, today’s retailers are continuously looking for efficient and innovative strategies to gain competitive advantages, to reduce fraud and to simplify payment process by removing the need to carry cards or cash, which results into the market growth.
Global Biometric Point of Sale Terminals Market: Regional Analysis
Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The US and Canada are the major contributors behind the growth of the market in the region. The growth is attributed to the surge in the adoption of biometric technology in POS terminals and growing technological advancements. Increasing adoption of smart cards, rapidly growing retail industry across the region, massive adoption of handheld biometric POS machines, rising awareness regarding security among users and growing inclination towards digital transaction methods are driving the growth of the market in the NA region.
However, the Asia Pacific is projected to witness fast growth at a CAGR of XX% during the forecast period. The countries like China, India, Japan, and South Korea are expected to contribute major share in the market. A surge in the adoption of biometric smart cards, rising adoption in BFSI industry, rising Indian governments initiatives to make cashless economy and rising adoption of biometric POS to achieve accuracy and security are propelling the growth of the market in APAC region.
The objective of the report is to present a comprehensive analysis of the Global Biometric Point of Sale Terminals Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Biometric Point of Sale Terminals Market dynamics, structure by analyzing the market segments and projects the Global Biometric Point of Sale Terminals Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Biometric Point of Sale Terminals Market make the report investor’s guide.
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Global Biometric Point of Sale Terminals Market, By Technology
• Fingerprint Scanner
• Palm Vein Scanner
• Iris-Retina Scanner
• Voice Recognition
• Facial Recognition
• Others
Global Biometric Point of Sale Terminals Market, By End-User
• Restaurant
• Retail
• Logistics
• Medical and Healthcare
• Financial
• Others
Global Biometric Point of Sale Terminals Market, By Region
• North America
US
Canada
• Europe
UK
France
Germany
Italy
Spain
Norway
Russia
• Asia Pacific
China
India
Japan
South Korea
Australia
Malaysia
Indonesia
• South America
Brazil
Mexico
Argentina
• Middle East and Africa
Global Biometric Point of Sale Terminals Market, Key Players
• Bitel
• Biyo
• Crossmatch
• DERMALOG Identification Systems
• EKEMP INTERNATIONAL
• Fujitsu
• Ingenico Group
• M2SYS
• PayTango
• OT-Morpho
• SmartMetric
• Sthaler
• Verifone
• Zvetco Biometrics
• Zwipe
• Telepower Communication Co., Ltd
• Tysso
• Wiseasy
• NEXT Biometrics
• XX
• XX
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