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The biometric pos terminals market share is expected to increase by USD 1.17 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 35.77%.
This biometric pos terminals market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers biometric pos terminals market segmentations by technology (fingerprint identification, palm vein identification, and others) and geography (North America, Europe, APAC, MEA, and South America). The biometric pos terminals market report also offers information on several market vendors, including BIYO LLC, EKEMP Intl Ltd., Fujitsu Ltd., Ingenico Group SA, M2SYS Technology, SmartMetric Inc., Sthaler Ltd., VeriFone Inc., Zvetco LLC, and Zwipe AS among others.
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Based on our research output, there has been a positive impact on the market growth during and after post-COVID-19 era. The rise in fraud at merchant pos terminals is notably driving the biometric pos terminals market growth, although factors such as the absence of uniform standards may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the biometric pos terminals industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Biometric POS Terminals Market Driver
One of the key factors driving the biometric POS terminals market is the rise in fraud at merchant POS terminals. One of the main reasons for the growth of biometric POS terminals has been the high incidence of fraudulent activity. It would be difficult to replicate biometric data because it is unique to each individual. At POS, such malware has affected millions of people. Customers' security is improved by using biometric POS. Many retailers (and other businesses) are wondering if there is a real need for a biometric POS terminal and if there is a measurable return on investment. Once these companies recognize the inherent potential of these technologies, their market adoption rate is bound to rise. With the introduction of merchant EMV POS terminals, counterfeit fraud rates have nearly dropped to 33%. Furthermore, the risk of fraud at merchant POS terminals is rising. Users of credit and debit cards are vulnerable to identity theft and financial fraud. Hackers used remote access to POS systems to steal debit and credit card data, resulting in millions of dollars in transactions. Once hackers have gained access to the network, they can use techniques such as RAM scraping and keyloggers to obtain all of the sensitive data. As a consequence, the rise in fraud at merchant pos terminals is propelling the market forward.
Key Biometric POS Terminals Market Trend
The growth of the self-service market is another factor supporting the biometric POS terminals market growth in the forecast period. The adoption of biometric POS terminals is a trend that is fueled by the growth of the self-service market. A self-service kiosk is a type of interactive kiosk that consists of computer terminals with specialized software and hardware. A number of bill payment kiosks are currently being installed to meet the growing demand for shorter lines at offices and retail stores. Furthermore, as the self-service market grows, there will be greater demand for secure transactions that are both quick and accurate. As a result, the growth of the self-service market will undoubtedly aid the growth of the biometric POS terminals market. Furthermore, card transactions involving smart cards increase transaction security. Moreover, the self-service market also reduces the costs to the company and adds to the list of benefits that a biometric POS terminal offers.
Key Biometric POS Terminals Market Challenge
The absence of uniform standards will be a major challenge for the biometric POS terminals market during the forecast period. To ensure interoperability among technologies from various vendors, standardization is required. Standardization makes the integration process easier and allows vendors to upgrade to new technologies with little disruption to their current infrastructure. Furthermore, firms require a seamless transition when implementing new technologies to ensure that their workflow is not disrupted. Because biometric POS terminals lack standardization, it becomes a problem for businesses that choose to use them because operations are disrupted until the issues are resolved. Furthermore, there are two types of standard organizations in biometrics: formal and informal. Vendors typically form consortiums to agree on a standard that must be followed when producing biometric POS systems. Standardization eliminates the compatibility issues that businesses face when putting these systems in place. The use of compliant biometric solutions aids in the smooth transition of businesses to biometric devices. Interoperability is hampered by a lack of standardization. As a result, the global biometric POS terminals market's growth is being hampered by the lack of uniform standards.
This biometric pos terminals market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global biometric Point-of-Sales (POS) terminals market as a part of the global electronic equipment and instruments market. Furthermore, increasing demand for electronic test and measurement equipment, growing demand for metrology equipment and services, and growing demand for POS terminals will further drive the market growth of the parent market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the biometric pos terminals market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the biometric POS terminals market encompasses successful business strategies deployed by the key vendors. The biometric pos terminals market is fragmented and the vendors are deploying growth strategies such as strategic alliances to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The biometric POS terminals market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the biometric pos terminals market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global electronic equipment and instruments market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
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35% of the market's growth will originate from North America during the forecast period. The US is a key market for biometric POS terminals in North America. Market growth in this region will be faster than the growth of the market in MEA and South America.
The increasing instances of data breaches and cyberattacks will facilitate the biometric pos terminals market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
Due to the COVID-19 pandemic banks had deployed remote digital onboarding methods. These factors sustained the demand for biometric POS terminals in North America in the middle of the outbreak. Furthermore, the reopening of offices owing to the relaxation of lockdowns is likely to enhance the market's growth during the forecast period in North America.
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The biometric POS terminals market share growth in the fingerprint identification segment will be significant during the forecast period. The declining average selling price (ASP) of the technology and its easy installation and use will drive the fingerprint identification biometric technology during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the biometric pos terminals market size and actionable market insights on the post-COVID-19 impact on each segment.
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Biometric POS Terminals Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 35.77% |
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Market growth 2021-2025 |
$ 1.17 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
32.12 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
North America at 35% |
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Key consumer countries |
US, UK, China, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BIYO LLC, EKEMP Intl Ltd., Fujitsu Ltd., Ingenico Group SA, M2SYS Technology, SmartMetric Inc., Sthaler Ltd., VeriFone Inc., Zvetco LLC, and Zwipe AS |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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