Overview and Scope
A biometric automated teller machine (ATM) refers to an automated teller machine (ATM) that uses biometric authentication methods in addition to or instead of traditional personal identification numbers (PINs) for user identification and access. The primary aim of biometric ATMs is to enhance security by reducing the reliance on easily forgotten or stolen PINs and providing a more convenient and user-friendly experience for customers.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The biometric automated teller machine (atm) market report table of contents includes:
1. Executive Summary
2. Biometric Automated Teller Machine (ATM) Market Characteristics
3. Biometric Automated Teller Machine (ATM) Market Trends And Strategies
4. Biometric Automated Teller Machine (ATM) Market – Macro Economic Scenario
5. Global Biometric Automated Teller Machine (ATM) Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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