The market for biometric PoS terminals is anticipated to reach US$ 25,720.0 million in value by 2032, up from US$ 7,880.0 million in 2022, growing at a CAGR of 12.6%.
The market for biometric PoS (Point-of-Sale) Terminals is expanding quickly as a result of the rise of e-retailers on the scene and the move toward the digitalization of payment systems. The use of biometric recognition within a PoS system brings value to the client by improving payroll efficiency and the overall operational efficiency of the firm. Biometric technology is being used more frequently across a variety of PoS businesses.
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Various organizations are adopting biometric PoS terminals to capitalize on the combined effect of biometrics and tokenization to strengthen security, and cut payment fraud costs while eliminating the inconvenience and anxiety of using and protecting payment cards and card data during biometric payments.
Biometric PoS terminals are the PoS terminals that are integrated with biometric technology and are mainly used as payment gateways. The adoption of biometric PoS terminals is increasing in many countries such as U.S., China, and Japan, owing to the rapid digitalization in the payment system.
Also, many organizations are moving towards the adoption of biometric PoS terminals as they are used to make quick check-outs at the cash counter and to make the payment process faster and more accurate with the PoS system implementation.
Biometric PoS Terminals Market: Drivers and Challenges
Drivers
The emerging technologies in the payment systems and an increasing number of PoS terminals are the primary growth drivers of the Biometric PoS Terminals market. Also, the rise in fraud in merchant PoS terminals is one of the major factors which is driving the growth of biometric PoS terminals market as biometrics makes it very difficult for the fraud to obtain the sensitive information of the cards and thus, enhancing the security of the transactions.
Apart from this, the increased usage of biometric PoS terminals in restaurants and the growth of the self-service market which includes retail check-outs and kiosks are the major factors which are fueling the growth of the biometric PoS terminal market. Moreover, the Biometric PoS Terminals helps to increase effectiveness and operational efficiency and thus, enhances the security of the payment systems, and due to this factor, many organizations are adopting biometric PoS terminals.
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Challenges
One of the major challenge in the biometric PoS terminals market is the absence of uniform standards which lead to the lack of standardization in biometric PoS terminals. Moreover, the lack of awareness among the enterprises towards the biometric PoS terminals in various countries of MEA and Latin America is also one of the major challenge which may hamper the growth of the growth of the biometric PoS terminals market in the near future.
What is the Competition Landscape in the Biometric PoS Terminals Market?
- Many companies are placing an emphasis on organic growth initiatives, including product approvals, new launches, and others like patents and events.
- Acquisitions and partnerships & collaborations are examples of inorganic growth tactics that were observed in the market. These strategies have made it possible for market participants to rise their clientele and revenue.
One of the major recent developments in the biometric PoS terminals market is:
- 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.
- PSD2 is applicable to the EU and the UK and mandates at least authentication using a mix of three technique categories, one of which is “inherence,” or biometrics.
- According to a release from the firm, Telpo sees this as a component of the diffusion of digital best practices for customer identification verification to reduce fraud.
Key players
- Bitel Corporation
- Fujitsu
- Cross Match Technologies, Inc.
- Biyo LLC
- EKEMP
- DERMALOG Identification Systems GmbH
- SmartMetric, Inc.
- IDEMIA
- Ingenico Group
Key Segments Profiled in the Biometric PoS Terminals Market Survey
By Technology:
- Fingerprint Scanner
- Palm Vein Scanner
By End Use:
- Restaurant
- Retail
- Logistics
- Medical and Healthcare
- Financial
- Others
By Region:
- North America
- Latin America
- The Asia Pacific
- Middle East and Africa
- Europe
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