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:
- The global palm vein biometrics market has been significantly impacted by the COVID-19 outbreak.
- The global factories have struggled to manufacture palm vein biometrics in this COVID-19 pandemic
- The global supply chain of palm vein biometrics industry has been disrupted, as the core countries of the supply chains such as China and the U.S. has been impacted badly due to COVID-19 pandemic.
- So, during the meantime, this would be an opportunity for the companies to research and improve their product, develop ways to increase production of Palm Vein Biometrics.
Key benefits of the report:
- This study presents the analytical depiction of the global Palm Vein Biometrics industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global palm vein biometrics market share.
- The current market is quantitatively analyzed to highlight the global palm vein biometrics market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global palm vein biometricsmarket trends analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the research report:
- What are the leading market players active in the palm vein biometricsmarket?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the palm vein biometrics market?
- What are the projections for the future that would help in taking further strategic steps?
Palm Vein Biometrics Market Report Highlights
Key Market Players
Fujitsu Limited, NEC Corporation, 3M Cogent, Matrix Security Solutions, Mantra Infotech, M2SYS Technology, Hitachi, Ltd., BioEnable, IDLink Systems, Safran