Due to the increase in the number of e-retailers in the market and the shift towards the digitalization of payment system, the Biometric PoS (Point-of-Sale) Terminals market is growing rapidly. The use of biometric technology in various PoS industry has become increasingly widespread, and 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. Various organizations are adopting biometric PoS terminals to capitalize on the combined effect of biometrics and tokenization to strengthen security, 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 the biometric technology and are mainly used as the payment gateway. 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 cash counter and to make the payment process faster and more accurate with the PoS system implementation.
Biometric PoS Terminals Market: Drivers and Challenges
The emerging technologies in the payment systems and 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.
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.
Biometric PoS Terminals: Competition Landscape
The Prominent players in Biometric PoS Terminals market are Bitel Corporation, Fujitsu, Cross Match Technologies, Inc., Biyo LLC, EKEMP, DERMALOG Identification Systems GmbH, SmartMetric, Inc., IDEMIA, and Ingenico Group.
Biometric PoS Terminals: Regional Overview
On the geographic basis, North America is expected gain the largest share in terms of revenue for biometric PoS terminals market, due to the rapid adoption of advanced technologies in the PoS terminals system. APAC is anticipated to be the fastest growing biometric PoS terminals market owing to the presence of various key players in countries like China, India, Japan, and South Korea and rapid increase in the number of e-retailers in this region. Europe and Latin America also offer potential growth opportunities in biometric PoS terminals market due to the rise in digital payment technologies and the increasing adoption of biometric PoS terminals in restaurants of various countries of the region such as Germany, France, and Brazil.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Biometric PoS Terminals Market: Segmentation
Segmentation of Biometric PoS Terminals on the basis of technology:
- Fingerprint Scanner
- Palm Vein Scanner
Segmentation of Biometric PoS Terminals on the basis of end-user:
- Medical and Healthcare
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.