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Biometric Automated Teller Machine (ATM) Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Biometric Automated Teller Machine (ATM) Market
As per the report, 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 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%.
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Enhancing Security And Convenience In Cash Withdrawals Driving Growth In The Biometric ATM Market
The increasing number of cash withdrawals is expected to drive the growth of the biometric automated teller machine (ATM) market going forward. Cash withdrawals refer to taking money out of a bank account or any other financial account where funds are stored. The demand for biometric ATMs has shown significant adoption due to the need for enhanced security and convenience in banking transactions through reliable, personal identification methods. Cash withdrawals using biometric ATMs streamline transactions by securely verifying users' identities through unique physiological traits, enhancing security and user convenience. For instance, in August 2022, according to the World Economic Forum, a Switzerland-based international organization, Personal cash withdrawals increased by over 8% month on month to 801 million pounds ($967 million). This marks only the second instance of surpassing $966 million (800 million pounds) since December 2021. Therefore, increasing cash withdrawals drives growth in the biometric automated teller machine (ATM) market.
Biometric ATMs Adopt SingPass Face Verification For Enhanced Security And Seamless Transactions
Major companies operating in the biometric automated teller machine (ATM) market are focusing on new forms of authentication, such as SingPass face verification, to enhance security and provide seamless, card-free transaction experiences for users. SingPass face verification is a secure biometric system that uses facial scans to authenticate individuals by comparing them to a national database of Singapore residents' images and identities. For instance, in March 2021, OCBC Bank, a Singapore-based banking and financial services company, launched facial recognition at ATMs. This system uses SingPass Face Verification, part of Singapore's national digital identity infrastructure, to securely verify customers' identities without needing plastic cards by matching their faces with a national biometric database. The bank ensures security with features such as liveness detection to prevent fraud. The service will also support cash deposits, fund transfers, cash card top-ups, and credit card bill payments.
The biometric automated teller machine (ATM) market covered in this report is segmented -
1) By Product Type: Gait Recognition, Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition, Ear Acoustic Authentication, Other Product Types
2) By Component: Hardware, Software, Services
3) By Application: Withdrawals, Deposits
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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
Contents of the report:
1. Executive Summary
2. Biometric Automated Teller Machine (ATM) Market Report Structure
3. Biometric Automated Teller Machine (ATM) Market Trends And Strategies
4. Biometric Automated Teller Machine (ATM) Market - Macro Economic Scenario
5. Biometric Automated Teller Machine (ATM) Market Size And Growth
…..
27. Biometric Automated Teller Machine (ATM) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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