Covina, United States: Global Palm Vein Biometrics Market, By Product (Hardware (Readers, Scanners, And Cameras) and Software and Services (Operating Systems, Middleware, Intelligent Layers, System Integration, Software Platforms, and Training and Post-Deployment Maintenance)), By Application (Banking and Finance, Healthcare, Home Security, Commercial Security, Consumer Electronics, Education Sector, Gaming, Transportation, and Government Sectors), and Region – Global Forecast to 2029
Palm Vein Biometrics Market Outlook
- Market Value 2020: US$ 0.56 Bn
- Market Value Estimation 2030: US$ 5.5 Bn
- CAGR: 26.0%
Palm vein biometrics, which scans the vein pattern beneath the skin, is regarded as a trustworthy and extremely secure biometric modality. Contrary to fingerprint biometrics, which rely on the fingertip’s skin integrity for accurate identification and are susceptible to damage from cuts, bruises, and dirt, palm vein biometrics do not have a skin integrity issue.Global demand for security system technology is propelling the palm vein biometrics industry. Additionally, the use of palm vein recognition technology for identification, verification, and authentication applications boosts the global palm vein biometrics market by eliminating the need for guests and employees to carry keys, cards, or memorise passwords.
Top News relating to Industry, Innovation:
- In June 2021- A new biometric access control system created for micro and small businesses has been unveiled by BioSec. The biometric platform, known as JustPass, intends to offer a readily available, reasonably priced alternative to the majority of conventional and expensive access control solutions.
- In July 2019- In order to help businesses replace passwords with biometrics in a variety of everyday applications, Fujitsu has introduced a new line of biometric security solutions based on its PalmSecure product line, which uses technology from Biosec Group.
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Key Segmentation of the Palm Vein Biometrics market:
Global palm vein biometrics market accounted for US$ 0.56 billion in 2020 and is projected to register a moderate CAGR of 26.0% over the forecast period. The market report has been segmented on the basis of product, application, and region.
- By product, global palm vein biometrics market is bifurcated hardware and software and services. Hardware product sub-segment is categorized into readers, scanners, and cameras. Further, software and services product sub-segment is bifurcated into operating systems, middleware, intelligent layers, system integration, software platforms, training and post-deployment maintenance.
- By application, Banking and finance sector segment is dominated in the global palm vein biometrics market. This is owing to palm vein biometrics used in banking and finance sector applications such as physical access control, logical access control, branch banking, ATMs, mobile banking, and safe deposit locker.
- By region, North America palm vein biometrics market is expected to dominate in terms of revenue in the global palm vein biometrics market over the forecast period, followed by Europe. This can be attributed to large number of established manufacturing companies and rising investment activities pertain to software technologies in countries of the region. Asia Pacific palm vein biometrics market is expected to significant share in terms of revenue in the global palm vein biometrics market in the near future.
The Palm Vein Biometrics Market Report mentions the following promising regions:
- North America – U.S., Canada
- Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America – Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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Top-tier significant players:
The prominent player operating in the global Palm Vein Biometrics market includes Fujitsu Ltd, M2SYS Technology, Hitachi, Ltd, NEC Corporation, 3M Cogent, Inc, BBI Life Sciences Corporation, Mantra Softech India Private Limited, iDLink Systems Pte Ltd, iAccess System Inc, and IdentyTech Solutions ltd.
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- Assessments of market share for the regional and national segments
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- In addition to a comprehensive analysis of market share, the report contains data on significant drivers, restraints, and opportunities.
- The market power of consumers and suppliers is demonstrated via Porter’s five forces study.
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