PUBLISHER: The Business Research Company | PRODUCT CODE: 1539630
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539630
A biometric automated teller machine (ATM) is an ATM that incorporates biometric authentication methods alongside or instead of traditional personal identification numbers (PINs) for user identification and access. The primary objective of biometric ATMs is to enhance security by reducing reliance on easily forgotten or stolen PINs, offering a more convenient and user-friendly experience for customers.
Key types of biometric ATMs include gait recognition, fingerprint recognition, facial recognition, iris recognition, voice recognition, ear acoustic authentication, and other biometric methods. Gait recognition identifies individuals based on their walking patterns. These ATMs consist of hardware, software, and associated services tailored for various applications such as withdrawals and deposits.
The biometric automated teller machines (ATM) market research report is one of a series of new reports from The Business Research Company that provides biometric automated teller machines (ATM) market statistics, including biometric automated teller machines (ATM) industry global market size, regional shares, competitors with a biometric automated teller machines (ATM) market share, detailed biometric automated teller machines (ATM) market segments, market trends, and opportunities, and any further data you may need to thrive in the biometric automated teller machines (ATM) industry. This biometric automated teller machines (ATM) market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The biometric automated teller machine (ATM) market size has grown strongly in recent years. It will grow from $37.51 billion in 2023 to $39.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth observed in the historic period can be attributed to several factors, including the development of innovative authentication methods, an increasing volume of cash withdrawals, heightened demand for advanced security measures, adoption of biometric authentication technologies, and the utilization of biometric ATMs to provide robust and accurate user authentication.
The biometric automated teller machine (ATM) market size is expected to see strong growth in the next few years. It will grow to $48.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to the introduction of an additional crucial layer of protection, increasing demand for advanced security measures, concerns over unauthorized access and fraudulent activities during the withdrawal process, widespread adoption of biometric ATMs, and efforts to mitigate challenges related to fraud and identity theft. Major trends expected during this period include advancements in fingerprint recognition technology, implementation of advanced authentication solutions, improvements in sensor technology, deployment of specialized authentication technologies, and the emergence of new forms of authentication.
The growth of the biometric automated teller machine (ATM) market is expected to be driven by the increasing number of cash withdrawals in the future. Cash withdrawals involve withdrawing money from a bank account or other financial accounts where funds are stored. Biometric ATMs have gained significant adoption due to the demand for enhanced security and convenience in banking transactions, employing reliable personal identification methods. These ATMs streamline cash withdrawals by securely verifying users' identities through unique physiological traits, thereby enhancing both security and user convenience. For example, in August 2022, the World Economic Forum reported a notable increase in personal cash withdrawals, surpassing $967 million (£801 million) for the second time since December 2021. This upward trend underscores the driving force of increasing cash withdrawals in the biometric ATM market.
Leading companies in the biometric ATM market are prioritizing advancements in authentication methods, such as SingPass face verification, to bolster security and deliver seamless, card-free transaction experiences for users. SingPass face verification utilizes facial scans to authenticate individuals by comparing them to a national database of Singapore residents' images and identities. For instance, OCBC Bank launched facial recognition at ATMs in March 2021, leveraging SingPass Face Verification as part of Singapore's national digital identity infrastructure. This system securely verifies customers' identities without requiring plastic cards, utilizing features such as liveness detection to prevent fraud. The service supports various transactions including cash deposits, fund transfers, cash card top-ups, and credit card bill payments.
In August 2021, Feedzai, a Portugal-based cloud-based financial risk management platform, acquired Revelock to enhance its fraud prevention capabilities in digital commerce. Revelock, based in Spain, specializes in behavioral biometrics for securing digital banking channels, including biometric ATMs. This strategic acquisition aims to integrate Revelock's expertise with Feedzai's AI-powered risk management solutions, creating a robust platform to combat fraud effectively in digital transactions.
Major companies operating in the biometric automated teller machine (ATM) market are Hitachi Ltd., Qualcomm Technology Inc., Fujitsu Limited, NEC Corporation, CaixaBank SA, NCR Voyix Corporation, Euronet Worldwide Inc., Diebold Nixdorf Incorporated, HID Global Corporation, Cardtronics Inc., AGS Transact Technologies, Feedzai Inc., Daon Inc., Dermalog Identification System GmbH, Evolute Systems Pvt. Ltd., BioEnable Technologies Pvt. Ltd., Iris ID Systems Inc., GRG International, Hyosung TNS Inc., Saber Softech Private Limited
North America was the largest region in the biometric automated teller machine (ATM) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the biometric automated teller machine (ATM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the biometric automated teller machine (ATM) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The biometric automated teller machine (ATM) market consists of revenues earned by entities by providing installation, maintenance, software updates, and technical support services. The market value includes the value of related goods sold by the service provider or included within the service offering. The biometric ATM market also consists of sales of proprietary biometric solutions and systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Biometric Automated Teller Machine (ATM) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on biometric automated teller machine (ATM) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for biometric automated teller machine (ATM) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biometric automated teller machine (ATM) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.