Press release
Now Available Vein Recognition Biometrics Market Forecast And Growth 2018 to 2028
Vein recognition biometrics is used for high risk deployments generally where space is not an issue. They are most commonly used in banks for physical access control. But, like all biometric systems, advancement in technology and innovations in design and manufacturing have broaden the application areas for vein recognition biometrics.
Because of the sub-dermal nature of veins, vein recognition biometrics are considered as the most secure form of biometrics. Whereas other types of biometrics, particularly where the duplicate hardware or low grade hardware is used, have proven to have vulnerable risks, the vein patterns are virtually difficult to spoof, especially considering that some vein readers used in vein recognition biometrics require scanned veins to have blood flowing through them.
The palm vein technology is mostly used in the vein recognition biometrics. The working of the palm vein biometric is based on equating and validating the stored vein pattern in the database with the vein pattern present in the palm of a person.
Vein Recognition Biometrics Market: Drivers and Challenges
The upcoming 2020 Tokyo Olympics is expected to contribute to the growth of the vein recognition biometrics market. The tourists visiting the event will pay for everything with the help of biometrics, which will involve vein scanning with the help of vein recognition biometrics. This is expected to drive the demand for vein recognition biometrics. Besides, some of the vascular recognition-based payment systems are still in the development process, they are expected to enable point-of-sale retail transactions to be conducted with the scan of the veins of the fingers. Some of the other innovative technologies such as eye-vein scanning are being integrated with the smartphones. All these factors are expected to contribute to the growth of the vein recognition biometrics market over the forecast period.
However, privacy issues regarding individual data is a major factor expected to hamper the growth of the vein recognition biometrics market. Use of the similar database for managing employee entry and exit as well as making payments could lead to frauds in the BFSI verticals, which is the other factor expected to hamper the adoption of vein recognition biometrics.
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Vein Recognition Biometrics Market: Segmentation
The vein recognition biometrics market can be segmented on the basis of product component, type, end user, and region.
On the basis of component, the vein recognition biometrics market is segmented into:
Software
Hardware
Services
On the basis of type, the vein recognition biometrics market is segmented into:
Palm Vein Recognition
Finger Vein Recognition
Eye-vein Recognition
On the basis of end user, the vein recognition biometrics market is segmented into:
BFSI
Healthcare
Security
Consumer Electronics
Gaming
Others
Vein Recognition Biometrics Market: Key Participants
Examples of some of the key participants in the global vein recognition biometrics market identified across the value chain include Fujitsu, M2SYS Technology, Hitachi, 3M Cogent, Inc., NEC Corporation, Matrix Security Solutions, IDLink System, Safran, IdentyTech Solutions America, LLC , Tyco, PalmSure, Mofiria, Matrix Security Solutions, Mantra Softech, IdentyTech Solutions, and BioEnable, among others.
Vein Recognition Biometrics Market: Regional Overview
On the basis of geography, the global vein recognition biometrics market can be segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and the Middle East & Africa. Among all these regions, North America is expected to hold a major share of the global vein recognition biometrics market during the forecast period, due to large presence of established manufacturers in the region as well as increased spending on the development of software technologies. Asia Pacific excluding Japan is expected to be the fast-growing regional market during the forecast period, due to increasing adoption of vein recognition biometrics technology in developing countries such as Greater China and India. Besides, increasing number of manufacturing companies in the region is also expected to contribute to the growth of vein recognition biometrics market in Asia Pacific excluding Japan.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, deployment, component, and end user.
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The report covers exhaustive analysis on,
Market Segments
Market Dynamics
Historical Actual Market Size, 2013–2017
Market Size & Forecast, 2018 to 2028
Supply & Demand Value Chain
Current Trends/Issues/Challenges
Competition & Companies Involved
Market Value Chain
Market Drivers and Restraints
Regional analysis for the Vein Recognition Biometrics market includes,
North America
U.S.
Canada
Latin America
Brazil
Mexico
Argentina
Chile
Peru
Rest of LatAm
Europe
EU – 4 (Germany, France, Italy, Spain)
U.K.
BENELUX (Belgium, Netherlands, Luxemburg)
NORDIC (Norway, Denmark, Iceland, Sweden)
Eastern Europe (Poland, Ukraine, Czech Rep., etc.)
Rest of Europe
CIS & Russia
Japan
APEJ
Greater China
India
Korea
ASEAN Countries
Rest of APEJ
Middle East & Africa
GCC Countries
Turkey
Iran
Israel
South Africa
Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
Report Highlights:
Detailed overview of parent market
Changing market dynamics of the industry
In-depth market segmentation
Historical, current and projected market size in terms of value
Recent industry trends and developments
Competitive landscape
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth
A neutral perspective towards market performance
Must-have information for market players to sustain and enhance their market footprint
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