Biometric Point-of-Sale Terminals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 12/14/2016 -- Biometrics is a technology used for the authentication and identification of individuals based on behavioral and biological characteristics. The biometrics technology involves verification and conformation of an individual by evaluating multiple biological traits, which uniquely match with a particular individual. For example, fingerprint identification, facial recognition, voice recognition, and retina identification. The biometric point-of-sale terminals are used across a wide range of industries. The use of biometric point-of-sale system helps in providing value addition to its customers. This system eliminates the application of pin and barcodes and thereby help in enhancing payroll efficiency by eliminating proxy by fellow colleagues. This provides better transaction overrides and manager approvals, increasing the total operational efficiency of the employee. Moreover, it is easy for engineers providing the software to integrate the fingerprint biometric point-of-sale system with POS applications.
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Some of the key factors driving the global biometric point-of-sale terminals market include rise in the rate of fraud at sellers' point-of-sale terminals. Growth in the number of hackers, who target weak point-of-sale terminals for stealing credit as well as debit cards, has led to the rise in demand for biometric point-of-sale terminals. Some of the other factors driving the global biometric point-of-sale terminals market include adaptation of biometric point-of-sale terminals in restaurants and rise in usage of biometrics in schools and offices. Furthermore, emergence of contactless biometrics is expected to drive the market in the next few years. A major challenge faced by manufacturers of biometric point-of-sale terminals worldwide is the lack of standardization across various regions.
On the basis of technology, the global biometric point-of-sale terminals market has been segmented into palm-vein identification, fingerprint identification, iris recognition, facial recognition, iris-retina scan recognition, and voice identification. The fingerprint identification segment currently accounts for a leading share of the global biometric point-of-sale terminals market. Ease in access and high accuracy rate of the fingerprint technology lead to major share held by this segment.
Geographically, the global biometric point-of-sale terminals market can be broadly segmented into Asia Pacific, North America, Rest of the World (RoW), and Europe. North America dominated the global biometric point-of-sale terminals market in 2015. North America is a mature market for biometric point-of-sale systems. The market has high penetration rate in the region with growing usage of the biometric point-of-sale systems in schools, colleges, and the transportation industry. Finger-scanning, biometric point-of-sale systems is a widely used technology in North America. Asia Pacific is the highly attractive market, which is expected to expand at a speedy rate in the next few years. End-users in the region are speedily adopting non-cash payments with the help of biometric point-of-sale technology. This is expected to drive the demand for biometric point-of-sale terminals in Asia Pacific in the next few years.
Some of the key vendors operating in the global biometric point-of-sale terminals market include Bitel Company Limited (South Korea), Biyo Bright Co., Ltd. (Japan), Cross Match Technologies, Inc. (the U.S.), Danal, Inc. (the U.S.), DERMALOG Identification Systems GmbH (Germany), KEMP Technologies (the U.S.), Fujitsu (Japan), Ingenico Group (France), and M2SYS Technology (the U.S.). The global biometric point-of-sale terminals market is exceedingly diversified and fragmented with numerous players operating in the market. The market is devoid of major players, as the market is still in its nascent stage. Thus, it is easy for smaller players to enter the global biometric point-of-sale terminals market.