Biometric POS Terminals Market | Rise in Fraud at Merchant POS Terminals will Boost Market to Register an Incremental Growth of $ 855.56 Million during 2020-2024 | Technavio
The global biometric POS terminals market size is poised to grow by USD 855.56 million during 2020-2024, progressing at a CAGR of over 32% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Biometric POS Terminals Market 2020-2024 (Graphic: Business Wire)
The biometric POS terminals market is driven by the rise in fraudulent activities at merchant POS terminals. The threat of fraud at merchant POS terminals is increasing. Credit and debit card users face issues such as identity theft and financial fraud. Remote hacking of the POS systems by hackers to steal debit and credit card data has resulted in millions of dollars' worth of transactions. Once hackers cross the remote access door, they can use techniques like RAM (News - Alert) scraping and keyloggers to obtain all the sensitive information. Since biometric data is unique to individuals, replicating it would be difficult. Millions of people have been affected by such malware at POS. By using biometric POS, the security of customers is enhanced.
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Growth of Self-Service Market will be a Key Market Trend
The increased use of biometric POS terminals in restaurants, one of the key biometric POS terminals market trends, will also drive market growth. The implementation of biometric POS reduces the time taken by the patrons to complete the transaction as it is a quick and efficient method of conducting the transaction. Vendors in this market have developed a system that enables the customers to link their fingerprints to their credit cards using these biometric POS systems, which consequently reduces the chances of credit card theft and fraud. Using a biometric POS system in a restaurant prevents employees from sharing access, makes it easy to track their activities, and facilitates a quicker self-checkout system. The use of POS system also prevents loss of time, food, and inventory in the restaurant.
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Biometric POS Terminals Market 2020-2024: Key Highlights
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