The global Biometric POS Terminals Market is projected to be appraised at USD 29,024.1 million by 2033, up from USD 8,754.7 million in 2023, advancing at a CAGR of 12.7% from 2023 to 2033.
Due to a rise in the number of e-retailers in the market and the shift towards the digitalization of payment systems, the biometric POS terminals market growth is likely to be on a rapid pace during the forecast period. In addition, the market is further enhanced by the widespread use of biometric technology in various POS industries in recent times.
The use of biometric recognition within a POS system adds value to the customer by increasing payroll efficiency and enhances the overall operational efficiency of the business, thereby positively impacting the biometric POS terminals market.
| Report Attributes | Details |
|---|---|
| Biometric POS Terminals Market Value (2023) | USD 8754.7 million |
| Biometric POS Terminals Market Anticipated Forecast Value (2033) | USD 29,024.1 million |
| CAGR (2023 to 2033) | 12.7% |
| Segment 1 | Technology |
|---|---|
| Segment 1 Name | Fingerprint Scanner |
| Segment 1 Share | 67.6% |
| Segment 2 | End User |
|---|---|
| Segment 2 Name | Medical and Healthcare |
| Segment 2 Share | 20.5% |
The biometric POS terminals market size has been expanding as various organizations are adopting biometric POS terminals to capitalize on the combined effect of biometrics and tokenization to strengthen security.
The market is further fostered by an organization's adoption of this technology to cut payment fraud costs while eliminating the inconvenience and anxiety of using and protecting payment cards and card data during biometric payments. The adoption of biometric POS terminals is gaining momentum in many countries, such as the USA, China, and Japan, owing to the rapid digitalization of the payment system.
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 significant factors fueling the development of the biometric POS terminal market.
However, many organizations are moving towards adopting biometric POS terminals as they are used to make quick check-outs at the cash counter and make the payment process faster and more accurate with the POS system implementation.
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Drivers:
Challenges:
North America is expected to gain a biometric POS terminals market share of 30.7% in 2022 and dominate the market in terms of revenue due to the rapid adoption of advanced technologies in the POS terminals system.
The increasing frequency of data breaches and cyberattacks in the region is expected to foster the North American biometric POS terminals market. As per the biometric POS terminals report by FMI, the USA is a crucial market participant for biometric POS terminals in North America.
Europe also offers potential growth opportunities in the biometric POS terminals market due to the rise in digital payment technologies and the increasing adoption of biometric POS terminals in restaurants in various countries of the region, such as Germany, France, and Brazil.
By 2022, Europe's biometric POS terminals market is anticipated to get hold of a share of 21.8%. The region's growing retail sector accelerates the deployment of POS terminals as businesses embrace cutting-edge strategies to assure customer convenience.
The biometric POS terminals market is being innovated by various startups and enterprises in a variety of ways, thereby bringing about emerging trends in the biometric POS terminals market over the forecast period.
Examples:
In order to enable contactless payments at the point of sale (POS), this is transferred to the startup's card reader for authentication and authorizes the transaction upon matching.
Along with an optional charging connector, MeReal Cards also have an energy-harvesting technology that recharges itself when it comes in contact with an RFID reader.
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:
PSD2 is applicable to the EU and the United Kingdom 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.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 12.7% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Technology, End Use, Region |
| Regions Covered | North America; Latin America; The Asia Pacific; Middle East and Africa; Europe |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | Bitel Corporation; Fujitsu; Cross Match Technologies Inc.; Biyo LLC; EKEMP; DERMALOG Identification Systems GmbH; SmartMetric Inc.; IDEMIA; Ingenico Group |
| Customization | Available Upon Request |
The market is expected to secure a valuation of USD 8.7 billion in 2023.
Bitel Corporation, and Cross Match Technologies Inc. are the top market players.
From 2018 to 2022, the market registered a CAGR of 5.2%.
Increasing eCommerce to boost the market prospects.
The market is estimated to thrive at a CAGR of 12.7% through 2033.
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Biometric PoS Terminals Market
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