March 18, 2016 -
Technavio has published a new market research report entitled “Global Biometric Point-of-Sales Terminals Market 2016-2020”, which will see the market grow at a CAGR of close to 27% until the end of 2020.
The report segments the global biometric POS market into the technology groups of fingerprint identification, palm-vein recognition, facial recognition, iris recognition, and retina recognition, while separating the market into the geographical areas of the Americas, APAC, and EMEA.
Additionally, Technavio’s report highlights the key vendors in the market, including Bitel, Biyo, Crossmatch, Danal, DERMALOG Identification Systems, Ekemp, Fujitsu, Ingenico, M2SYS, Pay Tango, Safran Morpho, Sthaler, SmartMetric, VerfiFone, Zwipe, and Zvetco.
Technavio’s market research analyst predicts that increasing cases of fraud at merchant POS terminals will help drive the acceleration of the market for biometric POS terminals in the forecast period.
More frequently than ever, hackers are targeting vulnerable POS terminals to compromise payment card data using several different methods, such as installing skimmers at terminals that can read and transmit data from swiped cards.
Additionally, the retail sector is highly susceptible to cyber crimes as shoppers mostly use their debit and credit cards for purchasing goods and services.
After suffering substantial losses due to card loss, merchants have begun the process of integrating biometric POS terminals to add another level of security to their systems and reduce fraud costs.
In the report, Technavio’s analyst has estimated that the installation of biometric POS terminals in restaurants will reinforce the prospects of growth of this market.
Considering the vulnerability of payment card numbers and passwords being hacked, restaurants are increasingly adopting biometric technologies like fingerprint and palm vein scanning to lower the chance of fraudulent payment card transactions.
These technologies store the biometrics of all employees and in the event of theft or unauthorized transaction can immediately isolate the employee at fault.
As a result, the adoption of such biometric technology will protect merchants from fraudulent transactions and will contribute to the growth of this market during the forecast period.
Previously reported, Technavio recently published a report entitled “Voice Recognition Market for Smartphones in the US 2015-2019“, which analyzes the emerging trends expected to influence the voice recognition market for smartphones in the US.