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The global Biometric ATM market size is expected to attain a market value of USD 1,960.0 million by 2022, rising at a CAGR of 39.6% during the forecast period (2016-2022).
Biometric technology is an automated access monitoring system, based on behavioral or physiological characteristics, used for verification and recognition of a manual access. Financial sector is emerging as one of the key application area of biometric authentication system. Physiological characteristic is the most commonly used individual characteristic used for authenticating the genuine card holder, fingerprint authentication type being the most prominent revenue generator, with a market share of 48.5% in 2014. Consumers in India and other emerging countries are supporting biometric scanning for secure bank transactions. In addition, rural consumers in the developing and developed countries are readily accepting such technologies owing to rising ATM card frauds and other security concerns.
The market of biometric ATM is further segmented based on the authentication type (Fingerprint, Iris Recognition, Palm recognition, Vein recognition, Face Recognition and Voice Recognition among others). The report also highlights the market based on solution type into deployment and managed services. For better understanding of the market penetration of biometric technology at the ATMs, the global biometric ATM market is analyzed based on geographies and countries including North America (U.S., Canada, Mexico and rest of North America), Europe (Russia, Germany, U.K., France, Spain, Italy and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and rest of Asia-Pacific) and LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria and rest of LAMEA).
Increased adoption of biometric authentication system in the ATMs in countries such as Japan, India and China has helped the region to dominate the global market. The report covers the analysis of key stake holders of the Biometric ATM market. Key companies? profiled in the report includes Siemens AG, Hitachi Ltd., Magal Security Systems, Ltd., Cisco Systems, Inc., Robert Bosch GmbH , Tyco International Plc., Honeywell International, Inc., Panasonic Corporation, Diebold Inc. and Glory ltd.