The Biometric ATM Market was valued at US $xx billion in the year2019, and is projected to reach $xx billion by the year 2026, growing at a CAGR of xx% during the forecast period.
The report covers the detailed analysis of the Biometric ATM Market with the classifications of the market on the basis of Product type, Application and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.
A biometric device is a security identification and authentication device. Such devices use automated methods of verifying or recognizing the identity of a living person based on a behavioral characteristic or physiological. These characteristics include facial images, fingerprints, Iris and voice recognition.
A biometric ATM is specifically designed to use biometric authentication technology to identify customers and allow them to withdraw cash safely and securely. A biometric ATM provides strong & accurate authentication and allow users to access their accounts at their convenience.
Biometric ATM Market Dynamics
Many countries across the globe have become proactive in adopting new technology. New forms of authentication are developed to secure online as well as offline resources. Biometric ATMs has garnered significant attention for both fraud prevention and authentication. Therefore, many enterprises are active in implementing advanced authentication solutions for their consumers.
Financial Institutions are increasingly demanding biometric solutions due to the ever-increasing rate of data breaches. All banks are adopting biometric solutions in order to secure the sensitive information of clients and consumers. Most organizations have recognized the importance of authentication technology due to the increase in data fraud attackers, and are beginning to focus on better ways to secure end-user identities. These key factors are driving the Biometric ATM market.
Biometric ATM Market Technical Issues and Accuracy:
Iris recognition, Face recognition, and voice recognition are the most preferred forms of biometric Identification among Financial Institutes; however, it faces major challenges on the technical front. For instance, lack of accuracy and misinterpretation because voice recognition solutions do not always put the words on the screen accurately, and also the context of language sometimes is not verified, often resulting in misinterpretation. Therefore, technical issues are significantly hampering the biometric ATM market worldwide. This uncertainty revolving around the system could lead to slower adoption of biometric ATMs.
Biometric ATM Market Opportunity for Market growth:
Due to Internet penetration, the data fraud has increased, and to overcome this issue the Institutes are becoming proactive in adopting new technology to tackle this issue. Biometric ATM comes with the feature to solve the above problem. Increase in Accuracy of the system and overcoming the technical Issues gives a lot of opportunity to grow Banking ATM market.
Scope of Biometric ATM Market: Inquire before Buying
The market is divided into 2 major segments to forecast the market size by value.
1. By Product
2. By Application
Biometric ATM, By Product
1. Fingerprint Biometrics
2. Iris Recognition
3. Voice Recognition
4. Facial Recognition
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Fingerprint Biometric is mostly used and would have dominance in the market with a market share of xx% during the forecast period for Biometric ATM Market, as they are quite unique and differ from person to person. It also gives the highest accuracy among other technique and less technical issue makes this technique fast and comfortable to the users. Cost is the most important aspect while deciding the technology to deploy where Fingerprint biometrics has the advantage due to low cost compare to other techniques.
Biometric ATM, By Application
Biometric ATM is mostly used for Withdrawals and would have dominance in market with market share of xx% during the forecast period for Biometric ATM Market. Because it is easy to use and the customers can withdraw the amount from any merchant, place and time by simply authentication his/her identity with the aid of biometric.
Biometric ATM, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
North America is anticipated to account for the major share of the global biometric ATM market during the forecast period, owing to the presence of prominent players and government funding for deploying biometric solutions to provide security and customer satisfaction, specifically in the U.S. and Canada. Europe is estimated to be the second-largest market for biometric ATMs led by the increasing government initiatives to encourage Biometric adoption, which is likely to help the growth of the biometric ATM market in the region. Asia Pacific is projected to be a rapidly expanding region of the global biometric ATM market during the forecast period, owing to the adoption of biometric solutions specifically in Singapore, China, and India, Malaysia, etc., which is expected to increase the adoption of biometric ATMs in the region.
The objective of the report is to present a comprehensive analysis of the Biometric ATM Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Biometric ATM Market dynamics, structure by analyzing the market segments and projects the Biometric ATM Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Biometric ATM Market make the report investor’s guide.
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Biometric ATM Market Competitive Insights
Key players operating in the high visibility clothing market are
• Hitachi-Omron Terminal Solutions, Corp.
• NEC Corporation
• BioEnable Technologies Pvt. Ltd.
• DERMALOG Identification Systems GmbH
• Mantra Softech (India) Pvt. Ltd.
• IT Consultants Ltd
• Magal Security Systems Ltd
• Tyco International Plc
• Panasonic corporation
• Robert Bosch Gmbh
• Cisco system ltd
• Glory Ltd
• Diebold Inc
• Siemens AG
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