LONDON–(BUSINESS WIRE)–The global biometric POS terminals market size is poised to grow by USD 855.56 million during 2020-2024, progressing at a CAGR of over 32% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The biometric POS terminals market is driven by the rise in fraudulent activities at merchant POS terminals. The threat of fraud at merchant POS terminals is increasing. Credit and debit card users face issues such as identity theft and financial fraud. Remote hacking of the POS systems by hackers to steal debit and credit card data has resulted in millions of dollars’ worth of transactions. Once hackers cross the remote access door, they can use techniques like RAM scraping and keyloggers to obtain all the sensitive information. Since biometric data is unique to individuals, replicating it would be difficult. Millions of people have been affected by such malware at POS. By using biometric POS, the security of customers is enhanced.
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Report Highlights:
- The major biometric POS terminals market growth came from the fingerprint identification segment in 2019, and is expected to grow at a significant rate during the forecast period.
- North America was the largest biometric POS terminals market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rising chances of fraudulent activities owing to the high use of credit and debit cards.
- The global biometric POS terminals market is fragmented. BIYO LLC, EKEMP Intl Ltd., Fujitsu Ltd., Ingenico Group SA, M2SYS Technology, SmartMetric Inc., Sthaler Ltd., VeriFone Inc., Zvetco LLC, and Zwipe AS are some of the major market participants. To help clients improve their market POSition, this biometric POS terminals market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global biometric POS terminals market 2020-2024 is expected to have Positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growth of Self-Service Market will be a Key Market Trend
The increased use of biometric POS terminals in restaurants, one of the key biometric POS terminals market trends, will also drive market growth. The implementation of biometric POS reduces the time taken by the patrons to complete the transaction as it is a quick and efficient method of conducting the transaction. Vendors in this market have developed a system that enables the customers to link their fingerprints to their credit cards using these biometric POS systems, which consequently reduces the chances of credit card theft and fraud. Using a biometric POS system in a restaurant prevents employees from sharing access, makes it easy to track their activities, and facilitates a quicker self-checkout system. The use of POS system also prevents loss of time, food, and inventory in the restaurant.
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Biometric POS Terminals Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist biometric POS terminals market growth during the next five years
- Estimation of the biometric POS terminals market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the biometric POS terminals market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of biometric POS terminals market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Technology
- Market segments
- Comparison by Technology
- Fingerprint identification – Market size and forecast 2019-2024
- Palm vein identification – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Technology
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- BIYO LLC
- EKEMP Intl Ltd.
- Fujitsu Ltd.
- Ingenico Group SA
- M2SYS Technology
- SmartMetric Inc.
- Sthaler Ltd.
- VeriFone Inc.
- Zvetco LLC
- Zwipe AS
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
