Biometric ATM Market Size, Status and Forecast to 2027

Global Biometric ATM Market – Introduction

• A biometric ATM is specifically designed to use biometric authentication technology to identify customers and allow them to withdraw cash safely and securely. A biometric ATM provides strong & accurate authentication and allow users to access their accounts at their convenience.
• A biometric ATM enable customers to conduct financial transactions or withdraw currency after a fruitful finger vein or fingerprint scanner. The biometric authentication technology used generally finger vein print or palm Biometric, even though they may also use other functionalities includes face recognition or iris recognition.

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Need for multi-factor authentication (MFA) driving the global biometric ATM market

• Most organizations have recognized the importance of multi-factor authentication due to the increase in data breaches and fraud attackers, and are beginning to focus on better ways to secure end-user identities. Multi-factor authentication (MFA) requires users to have at least two out of three types of credentials such as PIN number or password; a physical component such as an iPhone or fob; and/or a biometric component such as a fingerprint or voice recognition before gaining access to company data.
• Multi-factor authentication not only improves security, but also enhances the consumers’ productivity and user experience and reduces operational costs. Large as well as small and medium-sized enterprises are adopting multi-factor solutions such as voice, face, retina, and fingerprint recognition to provide an efficient user experience. Therefore, necessity of multi-factor authentication (MFA) is significantly increasing the adoption of biometric ATM worldwide.

Technical issues while using biometric ATM hampering the market

• Face recognition, iris recognition, and voice recognition are the most preferred forms of biometric identification among consumers, however, it faces major challenges on technical front. For instance, lack of accuracy and misinterpretation because voice recognition solutions do not always put the words on the screen accurately and also the context of language sometimes is not verified, often resulting in misinterpretation. Therefore, technical issues are significantly hampering the biometric ATM market worldwide.

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Global Biometric ATM Market – Competition Landscape

• In February 2019, Taiwanese financial institution "E. SUN Commercial Bank" successfully deployed biometric ATMs with the help of NEC Corporation for safe & secure transactions. NEC's facial biometric authentication technologies utilize AI to identify whether a subject is a real person to stop fraudulent activities.
• In July 2016, Taiwan’s CTBC Bank Co., Ltd. successfully deployed finger vein authentication solution for ATMs with the help of Hitachi-Omron Terminal Solutions, Corp. This initiative would help the company to expand its market share across Taiwan.

Key Players Operating in the Global Market

• Hitachi-Omron Terminal Solutions, Corp.
• NEC Corporation
• BioEnable Technologies Pvt. Ltd.
• DERMALOG Identification Systems GmbH
• Mantra Softech (India) Pvt. Ltd.