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Biometric ATM Market Growing Penetration and Adoption of Voice Biometric Solutions

08-26-2022 01:34 PM CET | IT, New Media & Software

Press release from: Precision Business Insights

Biometric ATM Market Growing Penetration and Adoption of Voice

The global biometric ATM market size is expected to be valued at US$ 1,960.5 million in 2022 and grow at a CAGR of 30.3% over the forecast period. Biometric ATMs are self-service automated teller machines (ATMs), or cash machines, that use a biometric measure to identify customers and allow them to withdraw cash. Biometric authentication may be the only customer identifier used, or it may be used in conjunction with another format, such as a payment card, a mobile device or an additional security credential, such as a PIN. The biometric measures used generally include palm or finger vein print biometrics, although they may also include other functionalities such as iris recognition or face recognition.

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Fingerprint Recognition Accounted for Higher Revenue Share in Global Biometric ATM Market:
Based on product type, global biometric ATM market is segmented into gait recognition, fingerprint recognition, facial recognition, iris recognition, voice recognition, ear authentication, others. Fingerprint recognition is accounted for higher revenue. Fingerprint recognition refers to the automated method of identifying or confirming the identity of an individual based on the comparison of two fingerprints. Fingerprint recognition is one of the most well-known biometrics, and it is by far the most used biometric solution for authentication on computerized systems. The reasons for fingerprint recognition being so popular are the ease of acquisition, established use and acceptance when compared to other biometrics, and the fact that there are numerous (ten) sources of this biometric on each individual.

Asia Pacific leads the Global Biometric ATM Market:
Based on regional analysis, global biometric ATM market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific global biometric ATM market contributed the largest share in 2021. Banks in Japan have widely deployed biometrics-enabled ATMs that allow customers to withdraw currency or conduct other transactions after a successful fingerprint or finger vein scan. There are currently more than 80,000 biometrics-enabled ATMs in Japan and more than 15 million customers using them. Similar programs have been launched in China, Brazil and India.

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Strategic Acquisitions, Merger, Agreements, Collaborations and Partnerships are the key strategies adopted by market players:
The global biometric ATM market further reveals that the key player's increasingly adopting strategies such as strategic acquisitions, merger, agreements, collaborations and partnerships to enhance market revenue share. For instance, In February 2019, Taiwanese financial institution "E. SUN Commercial Bank" successfully deployed biometric ATMs with the help of NEC Corporation for safe & secure transactions. NEC's facial biometric authentication technologies utilize AI to identify whether a subject is a real person to stop fraudulent activities. In July 2016, Taiwan's CTBC Bank Co., Ltd. successfully deployed finger vein authentication solution for ATMs with the help of Hitachi-Omron Terminal Solutions, Corp. This initiative would help the company to expand its market share across Taiwan.

The global biometric ATM market is segmented on the basis of product type, component, application, and region:
By Product Type
• Gait Recognition
• Fingerprint Recognition
• Facial Recognition
• Iris Recognition
• Voice Recognition
• Ear Acoustic Authentication
• Others

By Component
• Hardware
• Software
• Services

By Application
• Forensic Voice Analysis
• Access Security
• Payment
• Others

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Key players profiles in the global biometric ATM market are SUPREMA, Safran, NEC Corporation, Infineon Technologies, CrossMatch Technologies, Fulcrum Biometrics, Synaptics, Techshino, BioEnable, and Miaxis.

Contact:
Mr. Satya
Precision Business InsightsTM | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

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