Biometric POS Terminals Market | Rise in Fraud at Merchant POS Terminals will Boost Market to Register an Incremental Growth of $ 855.56 Million during 2020-2024 | Technavio
The global biometric POS terminals market size is poised to grow by USD 855.56 million during 2020-2024, progressing at a CAGR of over 32% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The biometric POS terminals market is driven by the rise in fraudulent activities at merchant POS terminals. The threat of fraud at merchant POS terminals is increasing. Credit and debit card users face issues such as identity theft and financial fraud. Remote hacking of the POS systems by hackers to steal debit and credit card data has resulted in millions of dollars' worth of transactions. Once hackers cross the remote access door, they can use techniques like RAM scraping and keyloggers to obtain all the sensitive information. Since biometric data is unique to individuals, replicating it would be difficult. Millions of people have been affected by such malware at POS. By using biometric POS, the security of customers is enhanced.
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The major biometric POS terminals market growth came from the fingerprint identification segment in 2019, and is expected to grow at a significant rate during the forecast period.
North America was the largest biometric POS terminals market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rising chances of fraudulent activities owing to the high use of credit and debit cards.
The global biometric POS terminals market is fragmented. BIYO LLC, EKEMP Intl Ltd., Fujitsu Ltd., Ingenico Group SA, M2SYS Technology, SmartMetric Inc., Sthaler Ltd., VeriFone Inc., Zvetco LLC, and Zwipe AS are some of the major market participants. To help clients improve their market POSition, this biometric POS terminals market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global biometric POS terminals market 2020-2024 is expected to have Positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growth of Self-Service Market will be a Key Market Trend
The increased use of biometric POS terminals in restaurants, one of the key biometric POS terminals market trends, will also drive market growth. The implementation of biometric POS reduces the time taken by the patrons to complete the transaction as it is a quick and efficient method of conducting the transaction. Vendors in this market have developed a system that enables the customers to link their fingerprints to their credit cards using these biometric POS systems, which consequently reduces the chances of credit card theft and fraud. Using a biometric POS system in a restaurant prevents employees from sharing access, makes it easy to track their activities, and facilitates a quicker self-checkout system. The use of POS system also prevents loss of time, food, and inventory in the restaurant.
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Fingerprint identification - Market size and forecast 2019-2024
Palm vein identification - Market size and forecast 2019-2024
Others - Market size and forecast 2019-2024
Market opportunity by Technology
Customer landscape
Customer landscape
Geographic Landscape
Geographic segmentation
Geographic comparison
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market drivers ? Demand led growth
Market challenges
Market trends
Vendor Landscape
Vendor landscape
Landscape disruption
Vendor Analysis
Vendors covered
Market positioning of vendors
BIYO LLC
EKEMP Intl Ltd.
Fujitsu Ltd.
Ingenico Group SA
M2SYS Technology
SmartMetric Inc.
Sthaler Ltd.
VeriFone Inc.
Zvetco LLC
Zwipe AS
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
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