Global Biometric Point-of-Sale Terminals Market: Overview
Biometrics technology is used for identification and authentication of people with the help of their biological and behavioral characteristics. An employee is asked for his user ID as soon as he logs into the retail PoS system. However, without typing in his password, he can simply scan his finger on the biometric fingerprint reader. Every time an employee tries to access a password-protected area, he is required to scan his finger. This leads to increased accountability, which ensures protection from accidental and intentional damage to the company’s data.
Based on technology, fingerprint identification, iris-retina scan recognition, palm-vein identification, iris recognition, voice recognition, and facial recognition are the segments of the global market for biometric point-of-sale terminals. Of these, fingerprint identification has been dominating the market. The prominence of this segment can be attributed to the convenience, ease of access, and high accuracy offered by this technology.
Global Biometric Point-of-Sale Terminals Market: Drivers and Restraints
The rising incidents of fraud at point-of-sale terminals has been a key growth driver of the global biometric point-of-sale terminals market. Growing number of restaurants are adopting biometric technology at merchant point-of-sale terminals to keep track of employee attendance and time and ensure security while making payments. Several government authorities and private sector businesses and companies have been deploying these technologies. As a result, the growing demand is expected to translate into greater expansion of the global market for biometric point-of-sale terminals.
As hackers worldwide find new ways of targeting vulnerable point-of-sale terminals, the demand for biometric point-of-sale terminals is likely to grow. Installation of skimmers that read and transit data from swiped cards on point-of-sale terminals and use of point-of-sale RAM scarpers have been some major techniques adopted by hackers, necessitating the deployment of this technology to prevent these thefts.
On the other hand, lack of standardization might slacken the growth of the market. However, the emergence of new technologies in sensors and hardware is likely to encourage further expansion, outpacing the negative impact of this market restraint. For instance, electroencephalogram (EEG) and keystroke have been recently introduced for precise identification of individuals in the biometric point-of-sale terminals market.
Global Biometric Point-of-Sale Terminals Market: Regional Outlook
Based on geography, the global market for biometric point-of-sale terminals has been segmented into Asia Pacific, Latin America, Eastern Europe, the Middle East and Africa, Western Europe, and North America. In 2015, North America emerged as the leading regional segment, accounting for a major share in the global market for biometric point-of-sale terminals.
Asia Pacific is slated for significant growth owing to the increasing number of non-cash payments by consumers, favorable government initiatives, greater penetration of technology, and rising purchasing power of the people. In India, for instance, YES BANK partnered with Lastmile.mobi to develop a point-of-sale terminal that allows biometric authentication for carrying out cash withdrawals, transfers, and balance enquiries, among many other functions. The Middle East and Africa (MEA) might also exhibit considerable growth as its industries flourish.
Companies mentioned in the report
Some of the major companies operating in the global market for biometric point-of-sale terminals are DERMALOG Identification Systems GmbH, Biyo Bright Co., Ltd., KEMP Technologies, M2SYS Technology, Bitel Company Limited, Danal, Inc., Ingenico Group, Cross Match Technologies, Inc., and Fujitsu. The market appears to be highly fragmented in terms of competition due to the presence of a large number of vendors. Being in its nascent stage, the market holds immense potential for advancement. As the number of new entrants and technological advancements are rising, the level of competition among the market players is expected to intensify.
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.