Global Biometric Point-of-Sales Terminals Market 2016-2020

Outlook of the global biometric POS terminals market

Biometrics refers to the identification and authentication of an individual based on their unique biological and behavioral characteristics like fingerprint identification, palm-vein identification, facial recognition, iris recognition, retina recognition, and voice recognition.  Technavio’s market research analyst predicts that increasing cases of fraud at merchant POS terminals will accelerate the market for biometric point-of-sales (POS) terminals in the forecast period. Hackers are increasingly targeting vulnerable POS terminals to steal payment card data via several methods. For instance, hackers install skimmers at POS terminals. The skimmers read and transmit data from swiped cards on POS terminals. Also, the retail sector is prone to cyber crimes as the consumers mostly rely on debit and credit cards for buying goods and services. The tremendous losses incurred due to card loss has led to the merchants moving toward the integration of biometric POS terminals. These terminals add another level of security to their systems, thereby reducing fraud costs. Extensive market research carries out by the analysts in Technavio has shown that the global biometric POS terminals market will grow at an impressive CAGR of close to 27% until the end of 2020.

In this industry report, the analyst has estimated that the introduction of biometric POS terminals in restaurants will bolster the prospects of growth of this market. Since payment card numbers and password can easily be hacked, restaurants are increasingly adopting the biometric technology to reduce fraudulent payment card transactions. The popular biometric technologies used by restaurants are fingerprint and palm vein scanning.  These technologies store the physical attributes of all employees and in the event of theft or unauthorized transaction can immediately isolate the employee at fault.  Therefore, the adoption of this technology will result in considerable safety from fraudulent transactions and will, therefore, aid in the growth of this market during the forecast period.

Segmentation by technology and analysis of the biometric POS terminals market

• Fingerprint identification
• Palm-vein identification
• Facial recognition
• Iris recognition
• Retina recognition
• Voice recognition

During 2015, the fingerprint biometric segment dominated this market and accounted for close to 85% of the market share. Fingerprint biometric are easy to use and install which will aid in the growth of this segment until the end of 2020.