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The LAMEA Biometric ATM Market Size is estimated to witness a growth rate of 45.1% CAGR during the forecast period (2016 - 2022).
LAMEA has comparatively lower rate of adoption for biometric ATMs and other technologically advanced products. Nevertheless, banking industry is adopting modern technology to cope with fast changing banking environment globally; therefore, installation of ATMs with advanced authentication solutions such as biometric is rapidly gaining acceptance. According to World Bank, in 2014, there were around 159,898 ATMs installed in Brazil. Africa is an unexplored area hence, attracts ATM makers to maximize their presence in the region. Biometric technology is an automated access authentication system, used to authenticate individuals using different services. Increasing population and rapid growth in industrialization have fuelled the demand for advanced authentication system, majorly in the financial sector including ATMs.
LAMEA is one of the emerging markets in terms of adoption of biometric solutions in the banking sector. Physiological and behavioral characteristics are the traits used for verifying personal identity of customers using varied services. In order to increase their market share, companies operating in the region are offering ATM machines equipped with advanced technologies. The LAMEA biometric ATM market is further segmented based on authentication type into fingerprint, iris recognition, palm recognition, vein recognition, face recognition and voice recognition among others.
The study further analyses the LAMEA biometric ATM market in countries including Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria and rest of LAMEA. The report covers the analysis of key companies operating in the Biometric ATM market in the LAMEA region. Key companies profiled in the report include Siemens AG, Hitachi Ltd., Honeywell International, Inc., Panasonic Corporation, Magal Security Systems, Ltd., Cisco Systems, Inc., Robert Bosch GmbH, Tyco International Plc., Diebold Inc. and Glory ltd.