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.
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.
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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.
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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.