Biometric Automated Teller Machine (ATM) Market
“How Will the Biometric Automated Teller Machine (ATM) Market Grow, and What Is the Projected Market Size?
The market size of biometric automated teller machines (ATM) has experienced significant growth in the past few years. It is predicted to expand from $39.47 billion in 2024 to about $41.7 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.7%. The factors contributing to the growth during the historic period include the introduction of innovative authentication methods, an increase in cash withdrawals, the necessity for advanced security protocols, the adoption and application of biometric authentication, and the capability of biometric ATMs to offer strong and precise customer identification.
It is anticipated that the biometric automated teller machine (ATM) market will experience robust growth in the coming years, amassing to a market size of $51.25 billion in 2029, signifying a compound annual growth rate (CAGR) of 5.3%. The expected expansion during the forecasted period could be due to the introduction of a crucial extra layer of security, the necessity for improved security measures, and the prevention of unauthorized access and sca*ms during the withdrawal process. Additionally, the adoption of biometric ATMs to counter issues arising from identity theft and fraud also contributes to the market growth. The forecast period will possibly witness major advancements such as fingerprint recognition technology, the implementation of sophisticated authentication solutions, developments in sensor technology, the use of specialized technologies, and the emergence of new authentication methods.
What Factors Are Fueling Growth in the Biometric Automated Teller Machine (ATM) Market?
The biometric automated teller machine (ATM) market is foreseen to expand due to the escalating number of cash withdrawals. These withdrawals represent the process of extracting money from a financial or bank account in which funds are deposited. There has been a notable surge in the uptake of biometric ATMs, primarily driven by the need for greater safety measures and seamless banking transactions via credible, individual identification systems. Biometric ATMs simplify transactions by securely authenticating a user’s identity using unique biological features, thus improving both their safety and convenience. For example, data from the World Economic Forum, a Switzerland-based global body, showed that personal cash withdrawals swelled over 8% month by month to 801 million pounds ($967 million) in August 2022. Consequently, the uptick in cash withdrawals bolsters the growth of the biometric ATM market.
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Who Are the Major Industry Players Fueling Biometric Automated Teller Machine (ATM) Market Expansion?
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
Which Key Developments Are Influencing the Biometric Automated Teller Machine (ATM) Market?
Key players in the biometric automated teller machine (ATM) market are prioritizing the inclusion of advanced technology in their banking operations, such as artificial intelligence (AI) and robotic process automation (RPA), in order to bolster efficiency, security and the customer experience. The latter technologies have the propensity to boost operational efficiency, streamline decision-making and automate redundant tasks, alongside providing insightful data analysis and knowledge. A pertinent example occurred in May 2024, when Intellect Design Arena Ltd, a software development firm based in India, introduced its eMACH.ai-composed Intellect Digital Core. This core banking system designed for Cooperative Banks is a cloud-native, enterprise-grade technology that promotes enhanced operational efficiency, higher levels of security, and improved client interaction. This is due to its advanced APIs and modern technologies, delivered through a subscription service model.
How Is the Segmentation of the Biometric Automated Teller Machine (ATM) Market Defined?
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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What Is the Leading 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.
What Is Covered In The Biometric Automated Teller Machine (ATM) Global Market Report?
– Market Size Analysis: Analyze the Biometric Automated Teller Machine (ATM) Market size by key regions, countries, product types, and applications.
– Market Segmentation Analysis: Identify various subsegments within the Biometric Automated Teller Machine (ATM) Market for effective categorization.
– Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
– Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
– Market Contribution: Evaluate contributions of different segments to the overall Biometric Automated Teller Machine (ATM) Market growth.
– Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
– Industry Challenges: Analyze challenges and risks affecting the Biometric Automated Teller Machine (ATM) Market.
– Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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