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.
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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.