Latest News- Biometric POS Terminals Market: Retail is expected to lead the End-user segment during 2025-2029

The Biometric POS Terminals Market is being driven by Increasing adoption of EMV standards

The Biometric POS Terminals Market is expected to grow at a CAGR of 23.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18338.7 million. In the burgeoning self-service market, biometric POS terminals present substantial growth opportunities. Self-service applications span retail check-outs and kiosks. A self-service kiosk is an interactive terminal, comprised of specialized software and hardware, enabling users to perform transactions autonomously. The self-service sector's expansion is driven by the demand for queue reduction and time efficiency. With the rise of self-service kiosks, the necessity for secure, swift, and precise transactions becomes increasingly important. For instance, biometric POS systems, such as palm vein scanners or fingerprint readers, enable consumers to complete self-check-outs quickly and accurately, thereby minimizing wait times and enhancing overall customer experience. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Retail
  • Medical and healthcare
  • Restaurant
  • Financial
  • Others
• Technology
  • Fingerprint identification
  • Palm vein identification
  • Others
• Type
  • Standalone POS terminals
  • Integrated POS terminals
• Sector
  • Large enterprises
  • SMEs
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption of EMV standards
• Rising popularity in contactless biometrics
• Growth in demand for biometric POS terminals from end-users

However, the market also witnesses some limitations, which are as follows:

• Absence of uniform standards in global biometric POS terminals market
• Issues related to false rejection rate and false acceptance rate
• Security concerns with biometric technology

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Market Scope in Biometric POS Terminals Market Research Report

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Research Analysis Overview

Biometric identification technologies, including fingerprint, face, palm, iris, and voice recognition, are revolutionizing Point of Sale (POS) systems in various industries such as e-retail and POS, offering convenient and secure payment solutions. Biometric recognition enhances payroll and operational efficiency for businesses, while medical and healthcare sectors benefit from improved patient data security. Fingerprint scanners, digital wallets, and mobile payments are key applications, reducing the need for physical cards and card replacement fees. Biometric data ensures secure card payment processing, making transactions more convenient and accurate.

Market Research Overview

The Biometric Point of Sale (POS) Terminals market is a significant segment within the broader global electronic equipment and instruments market. This market encompasses the production and sales of biometric technology-enabled POS terminals, which utilize advanced recognition systems such as Fingerprint, Face, Palm, and Iris recognition. According to Technavio, the global electronic equipment and instruments market is poised for growth due to the increasing demand for electronic test and measurement equipment. This demand is driven by technological advancements and digital transformation across various industries, including semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices. The adoption of biometric technology in POS terminals is expected to further fuel market growth, as businesses seek to enhance security and streamline transactions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/