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Biometric Automated Teller Machine (ATM) Market Segments, Analysis, Overview, Outlook By 2024-2033
Biometric Automated Teller Machine (ATM) Market Segments
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According to The Business Research Company's, 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 in the historic period can be attributed to development of innovative authentication methods, increasing number of cash withdrawals, need for advanced security measures, adoption of biometric authentication, use of biometric authentication technology to identify customers, biometric ATM provides strong and accurate 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 growth in the forecast period can be attributed to introduces an additional and crucial layer of protection, need for advanced security measures, unauthorized access and fraudulent activities in the withdrawal process, the adoption of biometric ATMs, mitigating the challenges posed by fraud and identity theft. Major trends in the forecast period include fingerprint recognition technology, implementing advanced authentication solutions, improvements in sensor technology, implementing specialized technologies, new forms of authentication.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Biometric Automated Teller Machine (ATM) Market 2024 Key Insights:
• 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%.
• Enhancing Security And Convenience In Cash Withdrawals Driving Growth In The Biometric ATM Market
• Biometric ATMs Adopt SingPass Face Verification For Enhanced Security And Seamless Transactions
• North America was the largest region in the biometric automated teller machine (ATM) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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