In the coming years, there is likely to be a significant increase in demand for safe and practical payment methods, which will drive the market for biometric POS terminals to expand significantly. Consumers looking for dependable payment options are drawn to biometric payments because they offer a higher level of security and make use of distinctive individual traits like fingerprints or face scans. Due to their capacity to improve security, convenience, and operational efficiency, biometrics are becoming more popular across a range of industries, including healthcare, government, and retail. The prevalence of self-service kiosks, which enable users to complete transactions independently, is another element boosting the market’s expansion. By authenticating users, biometric POS terminals can increase security and convenience in these self-service settings.
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Key Takeaways
- With a stunning 17.8% market share in the biometric POS terminals sector, the United States leads the pack and demonstrates its superiority in implementing cutting-edge payment technologies.
- With a respectable 6.5% market share, Germany is not far behind, demonstrating its dedication to accepting safe and practical payment methods for both businesses and consumers.
- With a respectable 4.3% market share, Australia shows that it is more aware of the benefits of biometric POS terminals in terms of fraud prevention, client authentication, and simplified payment procedures.
- China, the largest consumer market in the world, holds a significant 2.2% market share in the biometric POS terminals industry, demonstrating its rapid adoption of cutting-edge payment technologies to serve its sizable population and hectic retail sector.
- With market shares of 14.5% and 16.5%, respectively, India and the UK both have considerable development potential. Various statistics show how biometric POS terminal adoption is developing in various regions due to heightened security awareness and the demand for frictionless transactions.
Competitive Landscape
There is fierce rivalry in the market for biometric POS terminals, which is fueled by a number of important considerations. One of these factors is the market’s nascent development, which has tremendous room for expansion and draws a large number of participants looking to take advantage of new chances. One of the main factors driving market expansion and escalating provider competition is the rising desire for safe and practical payment options. Furthermore, the cost-effectiveness of the biometric technology used in POS terminals has increased, making it possible for companies of all sizes to enter the market and successfully compete. The market gains from the accessibility of a variety of biometric technologies, giving businesses the freedom to select the best systems for their unique requirements and enhancing the competitive environment.
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Ingenico Group
The Ingenico Group is a leader in the world of payment solutions. The business provides a wide selection of biometric POS terminals, such as iris, face, and fingerprint scanners. The strong security and dependability of Ingenico terminals are well known.
Verifone
Verifone is yet another industry pioneer in payment solutions. The business provides a range of biometric POS terminals, including voice recognition, facial recognition, and fingerprint scanners. The terminals from Verifone are renowned for their usability and compatibility with current payment systems.
Zwipe
A Norwegian business that specialises in biometric payment options is called Zwipe. In comparison to conventional fingerprint scanners, the company’s terminals reportedly use a unique fingerprint technology that is more secure. Additionally, Zwipe terminals are renowned for being portable and tiny in size.
OT-Morpho
The French company OT-Morpho is an expert in providing biometric identification systems. The business provides a selection of biometric POS terminals, including iris, face, and fingerprint scanners. The terminals made by OT-Morpho are renowned for their exceptional performance and accuracy.
Key Developments
- Growing Adoption and need: The need for biometric POS terminals is being fueled by the broad adoption of biometrics across industries, which is being fueled by the advantages of increased security, convenience, and efficiency. Businesses are starting to appreciate how valuable these terminals are for delivering safe and straightforward payment experiences, which will enhance acceptance and spur market expansion.
Cost-effectiveness and Technological Advances: The precision and efficiency of biometric POS terminals are continuously increasing thanks to developments in biometric technology like iris scanners, facial recognition, and vein scanners. With the help of these technological advancements and falling prices for biometric terminals, businesses of all sizes can now afford and use them. By increasing the consumer base and promoting wider adoption, the mix of cutting-edge features and affordability is fueling market expansion.
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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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