Vein Recognition Biometrics to Witness Robust Growth in BFSI Sector During Forecast Period 2021-2031
ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.
The report offers actionable and valuable market insights of Vein Recognition Biometrics. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Vein Recognition Biometrics Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Vein Recognition Biometrics market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Vein Recognition Biometrics
This newly published and insightful report sheds light on Market Insights of Vein Recognition Biometrics, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Vein Recognition Biometrics Market.
Growing incidences of data breach and theft are raising concerns regarding security measures specifically in the finance industry. Therefore, vein recognition biometrics are a suitable and reliable solution as they are used for security purposes in the BFSI sector to protect customers from data theft and identity theft. Banks and financial institutions in developing countries, such as India, China, Argentina, Mexico, Brazil, and South Africa are adopting vein recognition biometrics for verifying customer’s identities.
Vein recognition biometrics are relatively more efficient and accurate than the other types of biometric systems and exhibit lower False Acceptance Rate (FAR) and False Rejection Rate (FRR) which is a vital reason behind a surge in the demand for these systems.
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Global Vein Recognition Biometrics Market: Segmentation
A segmentation table of the global vein recognition biometrics market has been provided below on the basis of technology, sector, solution and region.
Finger Vein Recognition
Palm Vein Recognition
Eye Vein Recognition
Services, Retail & Other Corporate
Transportation & Utilities
South East Asia
Middle East and Africa
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Key Takeaways of Global Vein Recognition Biometrics Market
Finger vein recognition biometrics are projected to expand 5X as compared to 2019 and account for around 51% of the overall value opportunity in the global market by 2029 end. The demand for finger vein recognition biometrics increases due to cost-effectiveness and accuracy as compared to other biometrics solutions.
The BFSI segment is expected to create an absolute dollar opportunity of US$ 704 Mn during the forecast period. Owing to rising concerns of data breach and theft, the demand of vein recognition biometrics are expected to surge during the forecast period
East Asia will remain the prominent region across the forecast period, accounting for more than 39% share in the global market, as countries in this region are focusing on increasing adoption of vein recognition biometrics to avoid thefts and burglaries
The hardware segment is estimated to create an absolute dollar opportunity value US$ 559 Mn and is expected to grow at a staggering CAGR of 17.8% during the forecast period
“Rising need for authentication solutions and the increasing deployment of vein recognition biometrics is expected to provide new growth outlook in the market”says the Fact.MR analyst
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Fact.MR, in its new report, offers an unbiased Market Analysis of Vein Recognition Biometrics, Sales and Demand of Vein Recognition Biometrics, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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