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Palm Vein Biometrics Market to Record an Exponential CAGR by 2025

Palm Vein Biometrics Market to Record an Exponential CAGR by 2025

Palm vein biometrics is an authentic contactless technology that uses vascular patterns as personal identification data. The palm vein technology is secure as the data is retrieved from the body and is therefore difficult to forge. The working principle of the palm vein biometric is based on comparing and authenticating the stored vein pattern in the database with the vein pattern present in the palm of a person. The emerging trend of advance security is creating high demand of palm vein biometric in the recent times. In February 2016, Fujitsu Company launched a 2-in-1 device that consists of palm vein biometric called STYLISTIC Q736. It is one of the fastest, and accurate security solution available in the market. Additionally, the Bank of Tokyo-Mitsubishi, one of the leading bank in Japan uses Fujitsu’s palm vein biometric system to provide a cost effective and secure solution. The market of palm vein biometric is likely to grow at a considerable pace during the forecast period from 2017 to 2025 owing to the growing need of securing confidential information and data of an organization in order to sustain its market position. Various initiatives have been taken by the government to provide unique identity card to the citizens. This is also expected to drive the palm vein biometric market. For instance, Indian government have taken initiatives of providing Aadhar card that consists of biometric data of the individual. On the flip side, lack of established international standards and vulnerability of biometric system is expected to hinder the growth of this market in the coming years. The global palm vein biometric market is highly competitive in nature and is controlled by few major players in the global market

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The global palm vein biometric market has been segmented on the basis of product type, end user and geography. On the basis of product type the market for global palm vein biometric market has been segmented into software and services and hardware. Software and services include operating systems, intelligent layers, software platforms, post-deployment maintenance and others while hardware consists of scanners, readers, and cameras. Based on end user the global palm vein biometric market is segmented into healthcare, banking and finance, consumer electronics, commercial security, gaming sector and others. The banking and finance sector is expected to grow at the maximum CAGR due to the need of high security verification and identification system. For instance, many ATMs have started utilizing the BioEnable technology that requires palm vein recognition of the individual for secure and confidential transactions. This in turn is likely to fuel the demand of palm vein biometric market in the coming years. Another major segment of palm vein biometric market is the healthcare segment. The palm vein biometric technology helps in accurate patient identification, and easy patient enrollment, in addition to reducing the wait time. This technology is available in U.S. and Canada.

Based on the geography, the global palm vein biometric market has been segmented into North America, Europe, Asia Pacific, Middle- East & Africa and Latin America. The Palm vein biometric market is majorly driven by North America due to the presence of a wide number of established manufacturers and the rising investment pertaining to the research and development of the software technologies. Moreover, Asia Pacific is anticipated to experience maximum growth in the coming years, owing to the rising awareness of biometric technology and increasing number of manufacturing companies that are setting up their operations in the region. These are expected to trigger the demand of palm vein market in the Asia Pacific during the forecast period.

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Across the globe, palm vein biometric market is controlled by leading market leaders. Some of the leading players in the market are FUJITSU (Japan), M2SYS Technology (The U.S), Hitachi (Japan), 3M Cogent, Inc. (The U.S), NEC Corporation (Japan), Matrix Security Solutions (India), IDLink System (Singapore), Safran (France), IdentyTech Solutions America, LLC (The U.S) among others.

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