Vein Recognition Biometrics Market To Witness Increased Revenue Growth Owing To Rapid Increase In Demand : Fact.MR

Healthcare organizations are installing unique biometric solutions such as palm vein recognition, which is used to recognize each patient as per their digital health record. According to the American Health Information Management Association, 40% of duplicate medical records have discrepancies caused by inconsistencies in patient's first and last name. The average estimated costs associated with duplicate medical records can be US$ 1,000 per record. Thus, vein recognition biometrics enhance patient safety, decrease patient identity theft data, increase revenue cycle efficiency, and improve patient experience, and satisfaction. These factors are projected to boost demand for vein recognition biometrics in the healthcare industry. The newest report by Fact.MR estimates that the vein recognition biometrics market will witness a fourfold growth to reach a valuation of US$ 1.2 Bn by the end of 2029.

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Rapid digitalization combined with the continued need to adopt stricter identification protocols to prevent identity theft and fraud has increased necessity of strong authentication solutions for the commercial and residential sectors. Technological developments such as this are foreseen to propel vein recognition biometrics market.

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.

By Technology :
Finger Vein Recognition
Palm Vein Recognition
Eye Vein Recognition

By Sector :
BFSI
Healthcare
Manufacturing
Services, Retail & Other Corporate
Transportation & Utilities
Others

By Solution :
Hardware
Software
Services

By Region :
North America
Latin America
Europe
East Asia
South East Asia
Oceania
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

Global Vein Recognition Biometrics Market: In-depth Analysis on Competitive Landscape

The report concludes with a weighted chapter on the competition landscape considering up-to-date and essential developments related to market players, who are predominantly engaging in the production and distribution of vein recognition biometrics, along with the company's strategies, identification, and analysis. Market share comparison and analysis of these market players offered in the report enables readers to devise strategies for their businesses.

The intensity mapping of the market players operating in the global vein recognition biometrics market provides readers with actionable intelligence, which helps in understanding the current market status and prospects determining the competition levels in the global vein recognition biometrics market.

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Find More Valuable Insights on Vein Recognition Biometrics Market

Fact.MR, in its new offering, brings to fore an unbiased analysis of the global vein recognition biometrics market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the vein recognition biometrics market based on technology (finger vein recognition, palm vein recognition and eye vein recognition), sector (BFSI, healthcare, manufacturing, services, retail & other corporate, transportation & utilities, and others), and solution (hardware, software and services) across four major regions.

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