Eye Vein Recognition Biometrics Demand is Expected to Reach US$ 5,977.0 Million by 2032
The global vein recognition biometrics market is likely to reach a valuation of US$ 1,024.4 million in 2022 and is expected to progress at a CAGR of 19.2% to reach US$ 5,977.0 million by the end of 2032.
The demand for vein recognition biometrics is expanding due to the increased use of contactless biometric technologies, growing security concerns, and government measures in favor of these technologies.
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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.
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Key Companies Profiled:
- Dormakaba Holdings
- Fujitsu
- Futronic
- Hitachi Ltd.
- Honeywell Security
- IDEMIA
- IdentyTech
- Imprivata
- Johnson Controls
- M2SYS Technology
- Mofiria
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.
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Key Questions Covered in the Vein Recognition Biometrics Market Report
- What is the projected value of the Vein Recognition Biometrics factors Industry in 2022?
- At what rate will the global Vein Recognition Biometrics factors market size grow until 2032?
- Which are the factors hampering the growth of Vein Recognition Biometrics factors?
- Which region is expected to lead in the global Vein Recognition Biometrics factors market By 2032?
- Which are the factors driving the Vein Recognition Biometrics factors Industry during the forecast period?
- What is the expected market value of the Vein Recognition Biometrics factors market during the forecast period?
Regional Analysis For Vein Recognition Biometrics Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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