Due to the increase in the number of e-retailers in the market and the shift towards the digitalization of payment system, the Biometric PoS (Point-of-Sale) Terminals market is growing rapidly. The use of biometric technology in various PoS industry has become increasingly widespread, and the use of biometric recognition within a PoS system adds value to the customer by increasing payroll efficiency and enhances the overall operational efficiency of the business. Various organizations are adopting biometric PoS terminals to capitalize on the combined effect of biometrics and tokenization to strengthen security, cut payment fraud costs while eliminating the inconvenience and anxiety of using and protecting payment cards and card data during biometric payments.
Biometric PoS terminals are the PoS terminals that are integrated with the biometric technology and are mainly used as the payment gateway. The adoption of biometric PoS terminals is increasing in many countries such as U.S., China, and Japan, owing to the rapid digitalization in the payment system. Also, many organizations are moving towards the adoption of biometric PoS terminals as they are used to make quick check-outs at cash counter and to make the payment process faster and more accurate with the PoS system implementation.
The emerging technologies in the payment systems and increasing number of PoS terminals are the primary growth drivers of the Biometric PoS Terminals market. Also, the rise in fraud in merchant PoS terminals is one of the major factors which is driving the growth of biometric PoS terminals market as biometrics makes it very difficult for the fraud to obtain the sensitive information of the cards and thus, enhancing the security of the transactions.
Apart from this, the increased usage of biometric PoS terminals in restaurants and the growth of the self-service market which includes retail check-outs and kiosks are the major factors which are fueling the growth of the biometric PoS terminal market. Moreover, the Biometric PoS Terminals helps to increase effectiveness and operational efficiency and thus, enhances the security of the payment systems, and due to this factor, many organizations are adopting biometric PoS terminals.
One of the major challenge in the biometric PoS terminals market is the absence of uniform standards which lead to the lack of standardization in biometric PoS terminals. Moreover, the lack of awareness among the enterprises towards the biometric PoS terminals in various countries of MEA and Latin America is also one of the major challenge which may hamper the growth of the growth of the biometric PoS terminals market in the near future.
Biometric PoS Terminals: Competition Landscape and Regional Overview
The Prominent players in Biometric PoS Terminals market are Bitel Corporation, Fujitsu, Cross Match Technologies, Inc., Biyo LLC, EKEMP, DERMALOG Identification Systems GmbH, SmartMetric, Inc., IDEMIA, and Ingenico Group.
On the geographic basis, North America is expected gain the largest share in terms of revenue for biometric PoS terminals market, due to the rapid adoption of advanced technologies in the PoS terminals system. APAC is anticipated to be the fastest growing biometric PoS terminals market owing to the presence of various key players in countries like China, India, Japan, and South Korea and rapid increase in the number of e-retailers in this region. Europe and Latin America also offer potential growth opportunities in biometric PoS terminals market due to the rise in digital payment technologies and the increasing adoption of biometric PoS terminals in restaurants of various countries of the region such as Germany, France, and Brazil.
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