Biometric Point-Of-Sales Terminals Market to Grow 26.94% CAGR to 2020 says a New Research Report

The analysts forecast global biometric POS terminals market to grow at a CAGR of 26.94% during the period 2016-2020. Global Biometrics POS Terminals Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. This report covers the present scenario and the growth prospects of the global biometrics POS terminals market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of biometric POS terminals, which include both fixed POS and portable POS.

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Market driver

• Rise in fraud at merchant POS terminals

Market challenge

• Lack of standardization

Market trend

Adoption of biometric POS terminals in restaurants

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Key vendors

• Bitel
• Biyo
• Crossmatch
• Danal
• DERMALOG Identification Systems
• EKEMP
• Fujitsu
• Ingenico
• M2SYS
• PayTango
• Safran Morpho
• Sthaler
• SmartMetric
• Verifone
• Zwipe
• Zvetco

Biometrics refers to the identification and authentication of an individual based on their biological and behavioral characteristics. Biometrics include the authentication of an individual by evaluating one or more unique biological traits like fingerprint identification, palm-vein identification, facial recognition, iris recognition, retina identification, and voice recognition.

Biometric technology is widely preferred among enterprises and educational institutions for payment at POS terminals over traditional authentication methods involving passwords and personal identification numbers (PINs). This is because biometrics is difficult to replicate unlike passwords and PINs, which can be easily hacked. Biometric POS terminals, integrated with biometrics technology, are primarily used as a payment solution. However, biometric POS terminals are used to track employee time and attendance as well. With technological advances in hardware and sensors, a number of biometric technologies, such as keystroke and electroencephalogram (EEG), have been developed for the identification of individuals. These biometrics are mainly used by government authorities for identity verification.