What Has Been the Progress and Growth of the Biometric Automated Teller Machine (ATM) Market in Recent Years?
The biometric automated teller machine (atm) market has seen considerable growth due to a variety of factors.
• The biometric automated teller machine (ATM) market has seen strong growth in recent years. It is projected to increase from $39.47 billion in 2024 to $41.7 billion in 2025, at a CAGR of 5.7%.
The growth is attributed to innovative authentication methods, rising cash withdrawals, the need for enhanced security, and the adoption of biometric authentication for customer identification.
How Does the Forecast Look for the Biometric Automated Teller Machine (ATM) Market?
The biometric automated teller machine (atm) market is expected to maintain its strong growth trajectory in upcoming years.
• The biometric automated teller machine (ATM) market is projected to experience substantial growth in the coming years, reaching $51.25 billion by 2029, with a compound annual growth rate (CAGR) of 5.3%.
This growth is driven by the added layer of security provided by biometric systems, the need for advanced security features, the rise of unauthorized access and fraud in ATM transactions, and the growing adoption of biometric ATMs to address fraud and identity theft issues. Key trends include advancements in fingerprint recognition technology, the deployment of advanced authentication methods, enhancements in sensor technology, the introduction of specialized technologies, and the development of new authentication techniques.
What Are The Leading Drivers Of Growth In The Biometric Automated Teller Machine (ATM) Market?
The growing number of cash withdrawals is expected to drive the biometric ATM market. With the increasing need for secure and convenient banking, biometric ATMs that verify users’ identities through unique physiological traits are becoming more popular. For example, the World Economic Forum reported a rise of over 8% in personal cash withdrawals to £801 million ($967 million) in August 2022. This trend towards secure and efficient transactions is fueling the biometric ATM market.
How Are The Segments Defined Within The Global Biometric Automated Teller Machine (ATM) Market?
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
Subsegments:
1) By Gait Recognition: 3D Gait Recognition, 2D Gait Recognition
2) By Fingerprint Recognition: Optical Fingerprint Recognition, Capacitive Fingerprint Recognition, Ultrasonic Fingerprint Recognition, Thermal Fingerprint Recognition
3) By Facial Recognition: 2D Facial Recognition, 3D Facial Recognition, Infrared Facial Recognition
4) By Iris Recognition: Near Infrared Iris Recognition, SWIR (Short-Wave Infrared) Iris Recognition
5) By Voice Recognition: Speaker Verification, Speech-To-Text Recognition
6) By Ear Acoustic Authentication: Outer Ear Shape Recognition, Ear Canal Structure Recognition
7) By Other Product Types: Palmprint Recognition, Hand Geometry Recognition, Retina Scanning
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Which Emerging Market Trends Are Altering The Biometric Automated Teller Machine (ATM) Industry?
Key players in the biometric automated teller machine (ATM) market are enhancing banking efficiency, security, and customer experience by integrating artificial intelligence (AI) and robotic process automation (RPA). In May 2024, Intellect Design Arena Ltd., an India-based software company, launched the eMACH.ai-composed Intellect Digital Core for Cooperative Banks. This cloud-native banking system enhances operational efficiency, security, and customer engagement through advanced APIs and subscription-based models.
Who Are the Key Players In The Biometric Automated Teller Machine (ATM) Market?
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
What Is The Most Dominant Region In The Biometric Automated Teller Machine (ATM) Market?
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.
