Palm Vein Biometrics Market Size, Share,Trends, Industry, Forecast and Outlook (2024-2031)

The need to limit access to sites and systems has expanded throughout time. Many organisations currently rely on passwords or cards to validate people's identities for access. The typical technique, however, presents significant obstacles. Card loss or theft, for example, poses security problems. Anyone with the correct PIN and card combination could gain access to restricted areas or data. As a result, the increased use of biometrics for security purposes is likely to drive market growth.

In Japan, vein biometrics have already been utilised as a digital ID in place of ATM cards in banks. Banks have realised that the technology is highly precise and handy for clients because they don't need to carry ATM cards or memorise PINs. Currently, around 80% of Japanese banks have some type of biometric authentication, the most frequent being vein recognition.With so many biometric identification solutions available, businesses may opt for multifactor authentication to further limit the likelihood of fraud. Such changes are also expected to have an impact on market growth. Fujitsu, for example, intends to merge its palm vein scanning technology with a facial recognition system in a new access control authentication approach.

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Market Dynamics

Sensors in traditional palm vein authentication must employ near-infrared light. In 2023, Fujitsu has made a significant leap with the launch of a new technology that can extract a person's vein pattern merely by photographing their palm using a normal phone camera. It is comparable to the vein pattern obtained by the physical sensor. Users can register on their smartphones from anywhere and quickly use biometric authentication services while entering offices, stores or venues.Privacy concerns, including both physical access control and digital authorization, have been a major driver of palm vein biometrics growth. Organisations are looking for more robust and secure ways of identity verification as old techniques such as PINs and passwords prove prone to security breaches and fraud. Palm vein recognition technology can identify people with great accuracy and reliability.

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Segment Analysis

BFSI is expected to be the dominant segment with about 1/3rd of the global palm vein biometrics market during the forecast period 2023-2030. With the increasing number of security breaches, the BFSI sector has seen a growth in the demand for highly secure verification and identity systems. Several banks and financial institutions have combined biometrics technologies to enable secure access to customers. For example, Bank of Tokyo-Mitsubishi, a Japanese commercial bank, deployed a palm vein biometric system to provide its customers with a secure and cost-effective option.

Many BFSI organisations are implementing palm vein biometrics, which is driving the market demand. For example, Gesa Credit Union, a financial services institution, is collaborating with financial technology company Fiserv to use palm recognition technology. Fiserv is a provider of financial services technology solutions that includes Verifast: a DNA account management platform and integrated services. Biometric verification using palm authentication.

Competitive Landscape

The major global players in the market include Fujitsu Limited, M2SYS Technology, Hitachi, Ltd., NEC Corporation, Safran, Mantra Infotech, IDLink Systems, BioEnable, Matrix Security Solutions and IdentyTech Solutions America Inc.

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