This market research report provides a comprehensive segmentation of the global biometrics POS terminals market by technology (fingerprint identification, palm-vein identification, facial recognition, iris recognition, retina recognition and voice recognition) and by key regions such as the Americas, APAC, and EMEA. It also includes an insightful analysis of the leading vendors in this market such as Bitel, Biyo, Crossmatch, Danal, DERMALOG, Ekemp, Fujitsu, Ingenico, M2SYS, PayTango, Morpho, Sthaler, SmartMetric, VeriFone, Zwipe and Zvetco.
Technavio’s market research analysts estimate the global biometrics POS terminals market, to reach 2 million units between 2016 and 2020. Biometric technology is widely preferred among enterprises and educational institutions for payment at POS terminals because biometrics is difficult to replicate unlike passwords and PINs, which can be easily hacked. Biometric POS terminals, integrated with biometrics technology, are primarily used as a payment solution. EMEA dominates the global market for biometric POS terminals, accounting for 50% of eth total market share. Much of this regions; growth comes from the European contactless POS mandate issued by MasterCard.
The new market research report from Technavio provides a breakdown and analysis of the biometric POS terminals segments by technology.
“Of late, the POS terminal manufacturers are implementing biometric technologies like palm-vein biometrics, which involves scanning customers’ palms. It captures their palm-vein pattern, which is matched with the encrypted palm-vein patterns of pre-registered customers. Moreover, it does not require physical contact, hence it is hygienic. Recently, PulseWallet launched a cardless POS terminal integrated with Fujitsu PalmSecure biometric technology,” says Sunil Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research
Fingerprint biometric technology dominates the biometric POS terminals market, occupying around 85% of the total market share. Fingerprint biometrics are being used at merchant POS terminals for secure and authenticated transactions and time and attendance recording. The major reason for the dominance of fingerprint biometrics at merchant POS terminals is because fingerprint biometric POS systems are easy to use and install.
The key players in the global biometrics POS terminals market are Bitel, Biyo, Crossmatch, Danal, DERMALOG, Ekemp, Fujitsu, Ingenico, M2SYS, PayTango, Morpho, Sthaler, SmartMetric, VeriFone, Zwipe and Zvetco. The market is highly fragmented with several vendors that are working on different biometric technologies to implement at merchant POS terminals. It includes hardware manufacturers, technology integrators, and software developers. Moreover, the high growth potential of biometrics for payments is attracting investors to invest in start-ups. The market is in its developmental stage, which provides huge opportunities for new players to enter the market.
A more detailed analysis is available in the Technavio report, Global Biometrics POS Terminals Market 2016-2020.
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