The North America Retail Biometrics Market is expected to witness market growth of 31.0% CAGR during the forecast period (2024-2031).
The US market dominated the North America Retail Biometrics Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $9.41 billion by 2031. Canada market is experiencing a CAGR of 33.7% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 32.7% during 2024-2031.
Biometric technology encompasses various methods of identifying and authenticating individuals based on unique physical or behavioural traits. Retailers use biometric systems to verify customer identities during transactions, ensuring secure payment processing and reducing instances of fraud. For example, facial recognition systems can authenticate customers at checkout, while fingerprint scanners can be integrated into point-of-sale (POS) systems for secure access.
In addition, biometric technologies are employed for secure access to restricted areas within retail environments, such as stockrooms and management offices. Retailers can enhance security by allowing only authorized personnel to access sensitive information and assets, thus reducing the risk of theft and unauthorized access.
The retail industry in Mexico is witnessing substantial growth, with the International Trade Administration (ITA) estimating its revenue at approximately USD 76 billion in 2023. This growth trajectory is underpinned by various factors that enhance consumer shopping experiences and create significant opportunities for technological advancements, particularly in the retail biometrics market. The rise in retail revenues reflects a shift in consumer behaviour towards convenience and security, which drives the adoption of biometric technologies.
The US market dominated the North America Retail Biometrics Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $9.41 billion by 2031. Canada market is experiencing a CAGR of 33.7% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 32.7% during 2024-2031.
Biometric technology encompasses various methods of identifying and authenticating individuals based on unique physical or behavioural traits. Retailers use biometric systems to verify customer identities during transactions, ensuring secure payment processing and reducing instances of fraud. For example, facial recognition systems can authenticate customers at checkout, while fingerprint scanners can be integrated into point-of-sale (POS) systems for secure access.
In addition, biometric technologies are employed for secure access to restricted areas within retail environments, such as stockrooms and management offices. Retailers can enhance security by allowing only authorized personnel to access sensitive information and assets, thus reducing the risk of theft and unauthorized access.
The retail industry in Mexico is witnessing substantial growth, with the International Trade Administration (ITA) estimating its revenue at approximately USD 76 billion in 2023. This growth trajectory is underpinned by various factors that enhance consumer shopping experiences and create significant opportunities for technological advancements, particularly in the retail biometrics market. The rise in retail revenues reflects a shift in consumer behaviour towards convenience and security, which drives the adoption of biometric technologies.
List of Key Companies Profiled
- Cognitec Systems GmbH (Salto Systems, S.L.)
- IDEMIA SAS (Advent International, Inc.)
- NEC Corporation
- Fujitsu Limited
- Thales Group S.A.
- BIO-key International, Inc.
- Anviz Global Inc.
- HID Global Corporation (Assa Abloy AB)
- M2SYS Technology, Inc.
- Fingerprint Cards AB
Market Report Segmentation
By Deployment Mode
- On-Premises
- Cloud-Based
By Type
- Fingerprint Recognition
- Facial Recognition
- Iris Recognition
- Voice Recognition
- Vein Recognition & Others
By Component
- Hardware
- Software
- Services
By Application
- Payment Authentication
- Customer Identification & Loyalty Programs
- Access Control & Security
- Fraud Detection & Prevention
- Workforce Management
- Others
By Retail Type
- Supermarkets & Hypermarkets
- Specialty Stores
- E-Commerce Platforms
- Department Stores
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Retail Biometrics Market by Deployment Mode
Chapter 6. North America Retail Biometrics Market by Type
Chapter 7. North America Retail Biometrics Market by Component
Chapter 8. North America Retail Biometrics Market by Application
Chapter 9. North America Retail Biometrics Market by Retail Type
Chapter 10. North America Retail Biometrics Market by Country
Chapter 11. Company Profiles
Companies Mentioned
- Cognitec Systems GmbH (Salto Systems, S.L.)
- IDEMIA SAS (Advent International, Inc.)
- NEC Corporation
- Fujitsu Limited
- Thales Group S.A.
- BIO-key International, Inc.
- Anviz Global Inc.
- HID Global Corporation (Assa Abloy AB)
- M2SYS Technology, Inc.
- Fingerprint Cards AB
Methodology
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