Growing Utilization of Palm Vein Scanners in Several Industries to Support Market Growth

As an alternative to fingerprint readers and fingerprint scanners, palm vein scanning provides highly accurate and secure biometric recognition.

The Global Palm Vein Scanner Market size was valued at USD 420 Mn in 2021 and is expected to reach USD 1221 Mn by 2030, recording a CAGR of 14.2% during the projected period. The increasing adoption of mobile devices and expanding government attempts to provide residents with unique identity cards are two factors expected to drive the considerable growth of the global palm vein scanner market throughout the projection period.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭@ https://www.extrapolate.com/sample/information-technology-communication-iot/palm-vein-scanner-market/29321

A palm vein scanner is a biometric tool that examines the palm's vein pattern using infrared light, collecting over 500 million data points. The device subsequently converts these data points into a unique, encrypted code that serves as your biometric ID. The market includes company-provided solutions in addition to hardware and software. The global market is rapidly expanding as a result of the increasing use of palm vein scanner technology due to its optimal security, accuracy, reliability, convenience of use, and affordability.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐭𝐨 𝐈𝐧𝐯𝐞𝐬𝐭 𝐢𝐧 𝐑&𝐃 𝐀𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬 𝐭𝐨 𝐆𝐚𝐢𝐧 𝐚 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞

The global palm vein scanner market is fragmented by the presence of a number of businesses, which includes small, medium, and large-sized companies. These businesses have employed several business strategies in order to gain a competitive advantage in the global market such as product launches, product innovations, mergers & acquisitions, and R&D activities.

>FUJITSU
>M2SYS Technology
>Hitachi, Ltd.
>NEC Corporation
>Mantra Softech (India) Pvt. Ltd.
>BioEnable
>Dakar Systems Ltd.
>Matrix Comsec Pvt. Ltd.
>Identytech Solutions America Inc.
>mofiria Corporation
>Johnson Controls (Tyco)
>BioSec Group Ltd.
>Imprivata Inc.
>Thales

𝐁𝐚𝐧𝐤𝐢𝐧𝐠, 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬, 𝐚𝐧𝐝 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 (𝐁𝐅𝐒𝐈) 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐰𝐢𝐧𝐠 𝐭𝐨 𝐑𝐢𝐬𝐢𝐧𝐠 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐔𝐬𝐚𝐠𝐞

Based on the end-user, the global market for palm vein scanners is segmented into banking, financial services, and institutions, government, defense, healthcare & others. The banking, financial services, and institutions (BFSI) segment is anticipated to dominate the market share due to the increasing frequency of security breaches and the increasing security requirements in the BFSI. Palm vein scanners are being used by a number of financial institutions, which is ultimately helping the segment grow.

In order to give customers secure access to their online accounts, a number of banks and financial institutions have integrated biometric technologies such as palm vein recognition with access control systems on mobile devices including smartphones, which has increased the market share for palm vein scanners.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂@ https://www.extrapolate.com/information-technology-communication-iot/palm-vein-scanner-market/29321

𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐔𝐬𝐞 𝐨𝐟 𝐁𝐢𝐨𝐦𝐞𝐭𝐫𝐢𝐜𝐬 𝐟𝐨𝐫 𝐈𝐦𝐩𝐫𝐨𝐯𝐞𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

The palm vein scanner market is expected to develop as a result of the increasing number of deployments and the growing demand for better security solutions among businesses. Additionally, the industry is expanding favorably due to the increasing use of biometrics for improved security. The demand for this biometric technology is also fueled by technical advancements and threats to national security.

Additionally, as the level of economic rivalry has increased, so has the need to safeguard its confidential data and information. The government's intentions to issue each citizen with a distinctive identification card are predicted to accelerate industry growth. For instance, the Indian government's endeavor to create the aadhar card entails gathering biometric data.

𝐓𝐡𝐞 𝐏𝐚𝐥𝐦 𝐕𝐞𝐢𝐧 𝐒𝐜𝐚𝐧𝐧𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐜𝐚𝐧 𝐛𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐢𝐧𝐭𝐨 𝐬𝐞𝐯𝐞𝐫𝐚𝐥 𝐜𝐚𝐭𝐞𝐠𝐨𝐫𝐢𝐞𝐬, 𝐢𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠:

𝐁𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭
>Finger Vein Biometrics
>Palm Vein Biometrics

𝐁𝐲 𝐀𝐮𝐭𝐡𝐞𝐧𝐭𝐢𝐜𝐚𝐭𝐢𝐨𝐧
>Unimodal Biometric System
>Multimodal Biometric System

𝐁𝐲 𝐅𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐭𝐲
>Physical Access and Biometric Authentication
>Logical Access and Biometric Authentication
>Embedded System

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
>User Identification
>Access Control and Biometric Authentication
>OEM Terminal Devices

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐑𝐞𝐩𝐨𝐫𝐭@ https://www.extrapolate.com/enquire/information-technology-communication-iot/palm-vein-scanner-market/29321

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 -

● March 2022- The Triple1 biometric will receive a Power over Ethernet (PoE) update from BioSec that will allow for a single cable connection as opposed to two.

● October 2020- PatientSecure, a touchless palm vein scanner from Imprivata, was introduced in response to COVID-19's concerns about patient safety in the healthcare industry.

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐇𝐨𝐥𝐝 𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐡𝐚𝐫𝐞 𝐎𝐰𝐢𝐧𝐠 𝐭𝐨 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐠𝐢𝐨𝐧

North America is the largest market for the palm vein scanner due to the presence of major key players in the region along with a boost in investment activity relating to software technology. Additionally, the regional market is growing significantly as a result of large distribution networks and vital research and development capabilities. Palm vein biometric technology is widely used in a number of sectors in the US, including homeland security, consumer electronics, defense, and healthcare.

In addition to this, Palm vein biometrics are being adopted by numerous BFSI companies, which is accelerating the market's expansion in North America. For instance, in collaboration with the financial technology company Fiserv, Gesa Credit Union, a financial services institution with its headquarters in the United States, is using palm recognition technology.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:
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