Global Biometric Point-Of-Sales Terminals Market 2016-2020
About Biometrics POS Terminals
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.
Technavio’s analysts forecast the global biometric POS terminals market to grow at a CAGR of 26.94% during the period 2016-2020.
Covered in this report
The 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.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Biometrics POS Terminals Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Biometrics POS Terminals Market: Bitel, Biyo, Crossmatch, Danal, DERMALOG Identification Systems, EKEMP, Fujitsu, Ingenico, M2SYS, PayTango, Safran Morpho, Sthaler, SmartMetric, Verifone, Zwipe, and Zvetco.
Commenting on the report, an analyst from Technavio’s team said: “Restaurants worldwide are implementing biometric technology at merchant POS terminals to record employee time and attendance, authorize overrides and discounts, and secure payment solutions. Payment card numbers and passwords can be easily hacked by cybercriminals, leading to fraudulent payment card transactions. To minimize this, restaurants are implementing biometric technology at POS terminals.”
According to the report, one of the major drives in the market is rise in fraud at merchant POS terminals. Hackers are increasingly targeting vulnerable POS terminals to steal payment card data via several methods. Take, for instance, the installation of skimmers at POS terminals. The skimmer reads and transmits data from swiped cards on POS terminals. Another technique used by hackers is POS RAM scrapers. A POS RAM scraper accesses the POS database and encrypts and stores payment card data and can be remotely accessed by the hacker.
Further, the report states that without standardization, companies cannot produce standard biometric POS devices. The lack of standardization is a barrier to interoperability. Therefore, the absence of unanimous standards in the global biometric POS terminals market is hindering market growth.
Bitel, Biyo, Crossmatch, Danal, DERMALOG Identification Systems, EKEMP, Fujitsu, Ingenico, M2SYS, PayTango, Safran Morpho, Sthaler, SmartMetric, Verifone, Zwipe, Zvetco.