Report Code: A09798 | Pages: NA | Mar 2023 | 1986 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Palm Vein Biometrics Market
Request Now !Palm vein biometrics is a contactless and biometric authentication technology that compares the image of the palm vein scan of the individual captured at that instant to the image of the palm vein scan stored in the database. It uses vascular patterns as personal identification data. It is the secured technology and is difficult to forge as the data is retrieved from the body. Thus, it finds its applications in banking & finance, consumer electronics, commercial security, gaming sector, healthcare, and others. Innovations in the biometrics and scanning technologies make way for palm vein biometrics market growth.
The global palm vein biometrics market is segmented into product type, end user, and region. Based on product type, the market is further segmented into software & services and hardware. Based on end use, the market is segmented into banking and finance, consumer electronics, home security, commercial security, healthcare, transportation, and others. Based on region, the global market is divided across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key players of the palm vein biometrics market analyzed in the research include M2SYS Technology, 3M Congent Inc., Matrix Security Solutions, Safran, FUJITSU, Hitachi, NEC Corporation, IDLink System, IdentyTechSloutions America LLC, BioEnable Technologies Pvt. Ltd., and Others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The major drivers for the growth of the palm vein biometrics market size are increase in demand for mobile biometrics and the emerging trend of advanced security solutions for authentication. But, vulnerability of biometric systems and lack of established international standards are expected to hinder the market growth. Moreover, various initiatives taken by the government like providing ID cards and increase in adoption of mobile devices for securing access are expected to fuel the market growth further.
New product launches to flourish the market growth
PalmID-X, a palm vein biometrics identification solution was launched by Redrock biometrics in the year 2019. It creates a basis for seamless services and transactions without physical tokens as it expands the applicability of biometric identification to multiple people. A unique palm signature is created with the help of this biometric solution by capturing palm prints. Thus, this identification solution flourished the palm vein biometrics market.
Surge in usage in Banking and Finance industry
There is a surge in the usage of highly secured identification and verification systems in the banking and finance industry due to the increased security breaches across this industry. Palm vein biometrics have been adopted by various banking and financial institutions to provide customers with secure access.
COVID-19 Scenario Analysis:
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2021–2027 |
Forecast units | Value (USD) |
Segments covered | Product Type, End User, and Region |
 Regions covered | North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
Companies covered | Major players analyzed include M2SYS Technology, 3M Congent Inc., Matrix Security Solutions, Safran, FUJITSU, Hitachi, NEC Corporation, IDLink System, IdentyTechSloutions America LLC, BioEnable Technologies Pvt. Ltd., and Others |
Key benefits of the report:
Key segments covered:
Segments | Sub-segments |
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Questions answered in the research report:
Palm Vein Biometrics Market Report Highlights
Aspects | Details |
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Key Market Players | Fujitsu Limited, M2SYS Technology, Hitachi, Ltd., NEC Corporation, 3M Cogent, Safran, Mantra Infotech, IDLink Systems, BioEnable, Matrix Security Solutions |
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