Fort Collins, Colorado, Oct. 20, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Biometric POS Terminals Market size was valued at USD 5.2 Billion in 2022 and is expected to reach USD 22.8 Billion by 2032 with a CAGR of 16.1%.
The rise of mobile payment platforms and digital wallets has created a demand for secure and convenient payment solutions. Biometric PoS terminals can seamlessly integrate with mobile payment systems, allowing users to authenticate transactions using biometric data. This integration not only enhances security but also promotes the adoption of mobile payments. Additionally, biometric PoS terminals can help businesses reduce card payment processing and management costs. By eliminating the need for physical cards and reducing instances of fraud, businesses can save money on card replacement fees, chargebacks, and security measures associated with traditional PoS systems.
The efficiency and convenience of biometric PoS terminals in payment processing foster market growth. Biometric PoS terminals simplify the payment process, making it fast and reliable for customers and businesses. With biometric authentication, customers will no longer be required to carry physical cards or remember passwords. This accelerates checkout, reduces queues, and improves overall customer experience.
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Segmentation Overview:
The global biometric POS terminals market has been segmented into technology, end-user, and region. The retail sector dominates the biometric PoS terminal market with a large share. Retailers are adopting palm veins and fingerprint scanners as a means of customer identification, with some retailers requiring customers to scan before purchasing an item. North America has been at the forefront of adopting biometric technology in various industries, including PoS systems. Stringent security regulations, high consumer awareness, and advanced technological infrastructure drive the region.
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Biometric POS Terminals Market Report Highlights:
- The global biometric POS terminals market growth is anticipated at a CAGR of 16.1% by 2032.
- The major factors contributing to the Biometric PoS terminals market growth include the rising security concerns and advancements in biometric technology.
- Fingerprint scanning technology leads the market with a large revenue share. It is the most widely used biometric technology that around 86% of Americans use it.
- The healthcare sector is one of the fast-growing end-users of biometric PoS terminals.
- Some prominent players in the biometric POS terminals market report include Crossmatch, DERMALOG Identification Systems, EKEMP INTERNATIONAL, Fujitsu, Ingenico Group, M2SYS, PayTango, OT-Morpho, SmartMetric, Sthaler, Verifone, Zvetco Biometrics, Zwipe, Telepower Communication Co., Ltd, Tysso, Wiseasy, NEXT Biometrics, Danal, Inc., and IDEMIA among others.
Industry Trends and Insights:
- In 2023, DERMALOG Identification System GmbH acquired JENETRIC. JENETRIC specializes in digital fingerprint capture using optical TFT technology. With this acquisition, DERMALOG intends to expand innovations in biometrics.
- In 2022, Samsung and Mastercard launched payment cards with fingerprint sensors. With this move, both companies can provide a secure and fast payment experience with reduced contact with the payment terminal.
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Biometric POS Terminals Market Segmentation:
- By Technology: Fingerprint scanner, palm vein scanner, iris-retina scanner, voice recognition, facial recognition, and others.
- By End-user: Restaurant, retail, logistics, medical and healthcare, financial, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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