Biometric POS Terminals Market Size to Grow by $ 1.17 Billion through 2021-2025
The biometric pos terminals market is expected to grow by $ 1.17 billion, accelerating at a CAGR of almost 35.77% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Biometric POS Terminals Market: Segmentation by Technology
This report provides a detailed analysis of the market by Technology (Fingerprint identification, Palm vein identification, and Others) and Geography (North America, Europe, APAC, MEA, and South America). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.
The increased use of biometric POS terminals in restaurants, one of the key biometric POS terminals market trends, will drive market growth. The implementation of biometric POS reduces the time taken by the patrons to complete the transaction as it is a quick and efficient method of conducting the transaction. Moreover, using a biometric POS system in a restaurant prevents employees from sharing access, makes it easy to track their activities, and facilitates a quicker self-checkout system.
35% of the market growth will originate from North America during the forecast period. The US is a key market for biometric POS terminals in the region and market growth in this region will be faster than the growth of the market in MEA and South America.T he increasing instances of data breaches and cyberattacks will facilitate the biometric POS terminals market growth in North America over the forecast period.
Biometric POS Terminals Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. BIYO LLC, EKEMP Intl Ltd., Fujitsu Ltd., Ingenico Group SA, M2SYS Technology, SmartMetric Inc., Sthaler Ltd., VeriFone Inc., Zvetco LLC, and Zwipe AS are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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