Vein recognition biometrics technology offers superior methodology to traditional pin-based methods. This technology is used to protect sensitive or personal data from unauthorized use of an individual's possessions such as ATMs, smart cards, mobile phones, or access to desktops, laptops, workstations, or networks, through the use of a unique identification technique. It has recognition vein biometrics traits for identification, which makes it useful in a wide range of critical applications.
Biometric systems are built with a storage component for biometric data samples of individuals that are linked to their identity information. Furthermore, traditional methods may be compromised. For instance, a pin or password may be forgotten or a key may be lost. However, biometric traits are difficult to steal or forget. Biometric technology is used in a variety of industries, including banking, insurance, and financial institutions due to its unique characteristics and high security (automobile & retail sector). The biometrics technology market is being driven by the increasing use of biometric solutions in the commercial and private sectors.
The global Vein Recognition Biometrics market is segmented on the basis of Device Type, End User, and Region. Based on type, the market is divided into Smart watch, Fitness Tracker, Payment Wristband, and Others. In terms of End User, the market is categorized into Banking & Financial Sector, Healthcare, IT & Telecommunication, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 scenario analysis
COVID-19 has changed the way firms interact and do business in a variety of industries. A significant reduction in in-person interactions using low-touch or no-touch digital technologies that are in sync with post-COVID behavior is an important part of this pandemic.
During the outbreak of COVID-19, the firms provided image-based product overviews and prices along with AR-enabled financial apps, which have encouraged digital payments. Furthermore, cashless payment is one of the most important demands in the banking industry.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Increased adoption of cashless payments globally, increased demand for vein recognition biometric devices for safety and security during transactions, and growth in convenience and better consumer experience are driving the market growth. However, security threat while using biometric devices is expected to hamper the growth of the market. On the other hand, the increased use of near-field communication (NFC) technology in wearable devices can be viewed as an opportunity for market investments.
The vein recognition biometrics market trends are as follows:
Rise in demand for wearable devices due to safety and security during transactions
The adoption of vein recognition biometrics in the banking industry with a variety of benefits of cashless transactions has seen a significant increase in the use of banking devices for safe and secure transactions. Furthermore, rise in cyber-attacks on mobile payment systems around the world has shifted the preference of the majority of consumers toward vein recognition methods. Furthermore, majority of banks and financial institutions around the world have implemented contactless biometric banking technology to improve transaction security and convenience. For instance, in 2020, VISA Inc. conducted a study and discovered that 90% of transactions in Austria and the Czech Republic were made using the biometric banking method. As a result, rise in demand for vein recognition devices due to increased safety and security during transactions is expected to fuel the growth of the global biometric banking industry during the forecast period.
Increased adoption of augmented reality (AR) & virtual reality (VR) in the BFSI sector
Banking and financial institutions have begun to incorporate augmented reality and virtual reality into their operations to disrupt the banking industry and provide a personalized customer experience. With virtual assistance, AR/VR is creating a virtual digital bank branch where customers can be engaged and given more information and personalized attention. It provides customers with a 360-degree view of their current situation, various request statuses, new offerings, and others. Customers make online payments using digital methods such as accounts, debit/credit cards, and digital wallets. Therefore, the increased adoption of AR & VR in the BFSI sector is set to lead the growth of the market during the forecast period.
Key benefits of the report:
- This study presents analytical depiction of the vein recognition biometrics market 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 market share.
- The current market is quantitatively analyzed to highlight the vein recognition biometrics market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions answered in the vein recognition biometrics market research report:
- Which are the leading players active in the vein recognition biometrics market?
- What would be the detailed impact of COVID-19 on the vein recognition biometrics market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the vein recognition biometrics market?
- What are the projections for the future that would help in taking further strategic steps?
Vein Recognition Biometrics Market Report Highlights
By Industry Verticlas
Key Market Players
Jawbone, Barclays Plc, Visa Inc, Google Inc, Fitbit Inc, Samsung Electronics Co. Ltd, Apple Inc, Mastercard, PayPal Inc, Alibaba Group