Demand For Vein Recognition Biometrics Is Expanding Due To The Increased Use Of Contactless Biometric Technologies

According to Fact.MR, a market research and competitive intelligence provider, the global vein recognition system biometrics market is likely at US$ 1,024.4 million in 2022 and is expected to expand at a CAGR of 19.2% during the forecast years of 2022-2032. The market is expected to grow due to the surge in the adoption of technology across a wide range of functions.

The rising emergence of technology and usage of smart devices like the Internet of Things devices, connectivity requirements, and technological upgrades are skyrocketing. Recognition of biometrics plays an important role in the healthcare sector also.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=S&rep_id=1829?PS

In order to identify each patient and their digital health record, healthcare companies are implementing distinctive biometric technologies like palm vein recognition. The American Health Information Management Association estimates that differences in the patient's first and last name account for 40% of discrepancies in duplicate medical data.

Duplicate medical records can cost up to $1,000 for each record, according to estimates. Demand for vein recognition biometrics is high, as it promotes patient security, reduces identity theft, increases revenue cycle effectiveness, and enhances the patient experience and happiness.

Thereby, the adoption of vein recognition biometrics in the healthcare sector is likely to increase as a result. In addition, owing to technological developments in the internet of things, there is a rise in demand for vein recognition system biometrics in order to minimize human error, and theft, and increase security.

𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝘂𝗱𝘆

• The global vein recognition biometrics market is projected to grow 19.2% and reach US$ 5,977 million during the forecast period.

• The vein recognition biometrics market witnessed 17.2% CAGR between 2017 and 2021.

• With a market valuation of US$ 1,024.4 million in 2022, the vein recognition biometrics dominates the market.

• North America dominated the vein recognition biometrics market with 23.8% market share in 2021.
• East Asia is likely to represent 19.5% vein recognition biometrics market share in 2022.

• Based on region, the demand for vein recognition biometrics is expected to increase at CAGRs of 18.5% and 19.8%, respectively, in the United States and China between the years 2022-2032.

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=RC&rep_id=1829?PS

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁

IdentyTech, NEC Corporation, M2SYS Technology, Mofiria, Futronic, Imprivata, IDEMIA, and other well-known industry participants are listed in the research, along with some other key companies. In order to increase their geographic reach and commercial operations, well-known manufacturers are always concentrating on product innovation and partnerships.

Strong authentication solutions are now more important than ever for the commercial and residential sectors due to rapid digitization and the ongoing need to adopt stronger identification protocols to stop fraud and identity theft. The vein recognition biometrics market is predicted to grow as a result of this technical advancement.

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

Fact.MR has provided detailed information about the price points of key manufacturers of vein recognition biometricspositioned across regions, sales growth, installed base, and speculative technological expansion, in the recently published report.

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗣𝗿𝗼𝗳𝗶𝗹𝗲𝗱

• Dormakaba Holdings
• Fujitsu
• Futronic
• Hitachi Ltd.
• Honeywell Security
• IDEMIA
• IdentyTech
• Imprivata
• Johnson Controls
• M2SYS Technology
• Mofiria

𝗚𝗲𝘁 𝗙𝘂𝗹𝗹 𝗔𝗰𝗰𝗲𝘀𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/checkout/1829?PS

𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗩𝗲𝗶𝗻 𝗥𝗲𝗰𝗼𝗴𝗻𝗶𝘁𝗶𝗼𝗻 𝗕𝗶𝗼𝗺𝗲𝘁𝗿𝗶𝗰𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

By Technology:

• Finger Vein Pattern Recognition
• Palm Vein Pattern Recognition
• Retina Vein Pattern Recognition

By Solution:

• Hardware
• Software
• Services

By Sector:

• BFSI
• Healthcare
• Manufacturing
• Services, Communication & Media
• Retail & Other Corporate
• Transportation & Utilities
• Institutions
• Residential
Law Enforcement Offices.

By Region:

• North Americas
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

𝗠𝗼𝗿𝗲 𝗩𝗮𝗹𝘂𝗮𝗯𝗹𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗼𝗻 𝗢𝗳𝗳𝗲𝗿

Fact.MR, in its new offering, presents an unbiased analysis of the global vein recognition system biometrics market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Technology (Finger Vein Pattern Recognition, Palm Vein Pattern Recognition, Retina Vein Pattern Recognition), Solution (Hardware, Software, Services), Sector (BFSI, Healthcare, Manufacturing, Services, Communication & Media, Retail & Other Corporate, Transportation & Utilities, Institutions, Residential, Law Enforcement Offices) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).

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This release was published on openPR.