The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Overview of Market Expansion

The biometric automated teller machine (ATM) market has witnessed substantial growth in recent years. This market, which was valued at $37.51 billion in 2023, is projected to grow to $39.47 billion by 2024, reflecting a compound annual growth rate (CAGR) of 5.2%. Key factors driving this growth include:

• Development of innovative authentication methods
• Increasing number of cash withdrawals
• Rising demand for advanced security measures
• Adoption of biometric authentication technologies

Projected Market Growth by 2028

Looking ahead, the biometric ATM market is expected to continue its robust expansion, reaching $48.69 billion by 2028, with a CAGR of 5.4%. The anticipated growth will be fueled by:

• The introduction of new layers of protection
• Addressing unauthorized access and fraudulent activities
• Broader adoption of biometric ATMs
• Mitigating fraud and identity theft challenges

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Key Trends in Biometric ATM Technology

The market is expected to see the following significant trends in the coming years:

• Fingerprint recognition technology
• Implementation of advanced authentication solutions
• Enhancements in sensor technology
• Introduction of new forms of authentication

Enhancing Security and Convenience in Cash Withdrawals

The rising number of cash withdrawals is a major factor driving the demand for biometric ATMs. Key points include:

• Cash withdrawals refer to the removal of funds from financial accounts.
• Biometric ATMs enhance security by verifying users’ identities through unique physiological traits.
• The increase in personal cash withdrawals, as seen in the World Economic Forum’s 2022 report, underscores the growing reliance on secure and convenient ATM transactions.

Leading Players in the Biometric ATM Market

Several major companies are leading the charge in this market, including:

• Hitachi Ltd.
• Qualcomm Technology Inc.
• Fujitsu Limited
• NEC Corporation
• CaixaBank SA
• NCR Voyix Corporation
• Euronet Worldwide Inc.
• Diebold Nixdorf Incorporated

Innovations in Authentication: SingPass Face Verification

To further enhance security, major companies are adopting new forms of authentication, such as SingPass face verification:

• SingPass face verification is a secure biometric system used in Singapore.
• It compares facial scans to a national database to authenticate individuals.
• OCBC Bank, a Singapore-based financial services company, launched facial recognition at ATMs in 2021 using this technology.

Feedzai’s Acquisition of Revelock: Expanding Fraud Prevention Capabilities

In August 2021, Feedzai, a financial risk management platform, acquired Revelock, a Spain-based IT security company specializing in biometric platforms. Key highlights include:

• The acquisition aims to create a comprehensive fraud prevention platform.
• It combines Revelock’s behavioral biometrics with Feedzai’s AI-powered risk management solutions.

Regional Insights: North America and Asia-Pacific

• North America was the largest region in the biometric ATM market in 2023.
• Asia-Pacific is expected to be the fastest-growing region moving forward, driven by rapid technological adoption and increasing financial transactions.

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The Biometric Automated Teller Machine (ATM) Global Market Report 2024  provides a comprehensive outlook of the biometric automated teller machine (ATM) market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The biometric automated teller machine (ATM) market forecast offers a thorough analysis on biometric automated teller machine (ATM) market size, biometric automated teller machine (ATM) market share, prominent players and their strategies.

The Table Of Content For The Biometric Automated Teller Machine (ATM) Market Include:
1. Biometric Automated Teller Machine (ATM) Market Executive Summary
2. Biometric Automated Teller Machine (ATM) Market Segments
3. Biometric Automated Teller Machine (ATM) Market Size And Biometric Automated Teller Machine (ATM) Market Growth Rate
4. Key Biometric Automated Teller Machine (ATM) Market Trends
5. Major Biometric Automated Teller Machine (ATM) Market Drivers
……
25. Key Mergers And Acquisitions In The Biometric Automated Teller Machine (ATM) Market
26. Top Biometric Automated Teller Machine (ATM) Companies
27. Biometric Automated Teller Machine (ATM) Market Opportunities And Strategies
28. Biometric Automated Teller Machine (ATM) Market, Conclusions And Recommendations
29. Appendix

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