Global Biometric ATM Market – Introduction
- A biometric ATM is specifically designed to use biometric authentication technology to identify customers and allow them to withdraw cash safely and securely. A biometric ATM provides strong & accurate authentication and allow users to access their accounts at their convenience.
- A biometric ATM enable customers to conduct financial transactions or withdraw currency after a fruitful finger vein or fingerprint scanner. The biometric authentication technology used generally finger vein print or palm Biometric, even though they may also use other functionalities includes face recognition or iris recognition.
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Need for multi-factor authentication (MFA) driving the global biometric ATM market
- Most organizations have recognized the importance of multi-factor authentication due to the increase in data breaches and fraud attackers, and are beginning to focus on better ways to secure end-user identities. Multi-factor authentication (MFA) requires users to have at least two out of three types of credentials such as PIN number or password; a physical component such as an iPhone or fob; and/or a biometric component such as a fingerprint or voice recognition before gaining access to company data.
- Multi-factor authentication not only improves security, but also enhances the consumers’ productivity and user experience and reduces operational costs. Large as well as small and medium-sized enterprises are adopting multi-factor solutions such as voice, face, retina, and fingerprint recognition to provide an efficient user experience. Therefore, necessity of multi-factor authentication (MFA) is significantly increasing the adoption of biometric ATM worldwide.
Growing penetration and adoption of voice biometric solutions in the finance sector creating better opportunity for the growth of the biometric ATM market
- Countries across the globe have become proactive in adopting new technology. New forms of authentication are developed to secure online as well as offline resources. Biometric ATM have garnered significant attention for both fraud prevention and authentication. Therefore, many enterprises are active in implementing advanced authentication solutions for their consumers.
- Financial institutions are increasingly demanding voice biometric solutions due to the ever increasing rate of data breaches. All banks are adopting voice biometric solutions in order to secure the sensitive information of clients and consumers.
- For instance, in 2018, various financial institutions and banks such as Australian Taxation Office, Barclays, ANZ, Royal Bank of Canada, and ICICI Bank deployed nearby 1 million voice biometric solutions from Nuance Communications that have been effective in blocking fraudsters and authenticating customers from unlawful access.
- Furthermore, in 2017, HSBC enabled voice-based authentication for customers in the U.S. and is broadly expanding the voice biometric system in four languages: English, Spanish, Mandarin, and Cantonese to serve domestic and international clients.
Technical issues while using biometric ATM hampering the market
- Face recognition, iris recognition, and voice recognition are the most preferred forms of biometric identification among consumers, however, it faces major challenges on technical front. For instance, lack of accuracy and misinterpretation because voice recognition solutions do not always put the words on the screen accurately and also the context of language sometimes is not verified, often resulting in misinterpretation. Therefore, technical issues are significantly hampering the biometric ATM market worldwide.
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North America to hold major share of the global biometric ATM market
- In terms of region, the global biometric ATM market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global biometric ATM market during the forecast period, owing to the presence of prominent players and government funding for deploying biometric solutions to provide security and customer satisfaction, specifically in the U.S. and Canada. Europe is estimated to be the second largest market for biometric ATM from 2019 to 2027, led by the increasing government initiatives to encourage Biometric adoption, which is likely to help the growth of the biometric ATM market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global biometric ATM market during the forecast period, owing to the adoption of biometric solutions specifically in Singapore, China, India, Malaysia, Taiwan etc., which is expected to increase the adoption of biometric ATMs in the region.
Global Biometric ATM Market – Competition Landscape
- In February 2019, Taiwanese financial institution "E. SUN Commercial Bank" successfully deployed biometric ATMs with the help of NEC Corporation for safe & secure transactions. NEC's facial biometric authentication technologies utilize AI to identify whether a subject is a real person to stop fraudulent activities.
- In July 2016, Taiwan’s CTBC Bank Co., Ltd. successfully deployed finger vein authentication solution for ATMs with the help of Hitachi-Omron Terminal Solutions, Corp. This initiative would help the company to expand its market share across Taiwan.
Key Players Operating in the Global Market
- Hitachi-Omron Terminal Solutions, Corp.
- NEC Corporation
- BioEnable Technologies Pvt. Ltd.
- DERMALOG Identification Systems GmbH
- Mantra Softech (India) Pvt. Ltd.
- IT Consultants Ltd
Global Biometric ATM Market: Research Scope
Global Biometric ATM Market, by Component
- Fingerprint Reader
- Professional Services
- Manages Services
Global Biometric ATM Market, by Recognition Type
- Gait Recognition
- MV Based
- FS Based
- WS Based
- Fingerprint Recognition
- Automated Fingerprint Identification System (AFIS)
- Non Automated Fingerprint Identification System (Non-AFIS)
- Facial Recognition
- Iris Recognition
- Voice Recognition
- Ear Acoustic Authentication
- Others (Signature, Vein, and Hand Recognition)
Global Biometric ATM Market, by Application
- Forensic Voice Analysis
- Access Security
- Authentication and Fraud detection
- Customer Verification
- Transaction Processing
- Speech enabled password reset
- Others (Vocal Passphrase etc.)
Global Biometric ATM Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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