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Enhancing Security And Convenience In Cash Withdrawals Driving Growth In The Biometric ATM Market: A Key Driver Powering Biometric Automated Teller Machine (ATM) Market Growth In 2025
Biometric Automated Teller Machine (ATM)
What Is the Current Biometric Automated Teller Machine (ATM) Market Size and Its Estimated Growth Rate?
The biometric automated teller machine (ATM) market has experienced strong growth in recent years. It is projected to grow from $39.47 billion in 2024 to $41.7 billion in 2025, at a compound annual growth rate (CAGR) of 5.7%. This growth is driven by the development of innovative authentication methods, the increasing number of cash withdrawals, the need for advanced security measures, the adoption of biometric authentication, and the growing use of biometric ATMs for accurate customer identification.
The biometric automated teller machine (ATM) market is projected to grow to $51.25 billion by 2029 at a CAGR of 5.3%. Growth is driven by added security layers, advanced security measure needs, fraud and identity theft mitigation, and biometric ATM adoption. Trends include fingerprint recognition technology, advanced authentication solutions, sensor technology improvements, and new authentication methods.
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How Are Emerging Segments Shaping the Biometric Automated Teller Machine (ATM) Market Landscape?
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 Growth Factors Are Influencing Biometric Automated Teller Machine (ATM) Market Expansion?
The increasing number of cash withdrawals is expected to drive the biometric ATM market. Cash withdrawals, which involve accessing funds from financial accounts, are increasingly conducted through biometric ATMs, which provide enhanced security and convenience by verifying users' identities through unique biometric traits. In August 2022, the World Economic Forum noted that personal cash withdrawals increased by 8%, amounting to $967 million. The rise in cash withdrawals drives the biometric ATM market.
Who Are the Dominant Players Across Different Biometric Automated Teller Machine (ATM) Market Segments?
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 Are the Major Trends Shaping the Biometric Automated Teller Machine (ATM) Market?
Major companies in the biometric automated teller machine (ATM) market are integrating advanced technologies like artificial intelligence (AI) and robotic process automation (RPA) to enhance banking efficiency, security, and customer experience. 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 core banking system improves operational efficiency, security, and customer engagement using advanced APIs and modern technologies on a subscription model.
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Which Geographic Regions Are Expected to Dominate the Biometric Automated Teller Machine (ATM) Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Biometric Automated Teller Machine (ATM) Market?
2. What is the CAGR expected in the Biometric Automated Teller Machine (ATM) Market?
3. What Are the Key Innovations Transforming the Biometric Automated Teller Machine (ATM) Industry?
4. Which Region Is Leading the Biometric Automated Teller Machine (ATM) Market?
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