palm-vein-biometrics-market

Palm Vein Biometrics Market By Offering (Hardware, Software, Services), By End-use Vertical (BFSI, IT & Telecom, Healthcare, Government & Public Sector, Education, Consumer Electronics, Others) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

15 Sep 2021 Format PDF icon PPT icon XLS icon Request Sample

The global palm vein biometrics market is expected to expand at a CAGR of 16.5% during the forecast period from 2021 to 2029. With the advent of digitalization, cybercrime, fraud and cyber theft are on the rise. This has forced business organizations and commercial facilities to adopt most reliable, secure, and accurate identity authentication techniques for physical access, data access, and general security. With perpetual growth in networks, devices, applications, and rising incidences of cyber-attacks by outcasts and insider manipulation, the implementation of technological safeguards has become more imperative to all enterprises than ever. Deployment of a biometric identity & access control solution capable of identifying the person behind the password is a major step towards ensuring reliable system security. For few years now, enterprises worldwide have been experimenting with several biometric authentication solutions such as voice recognition, digital signature, and fingerprint & face recognition among others. Although all of the aforementioned biometric solutions offer relatively a greater level of security than traditional passwords, palm vein recognition technology is touted and considered the most accurate and reliable biometric authentication solution currently available in the market. This is because of veins having a wealth of distinct features; thereby making attempt to falsify an identity extremely difficult.

Palm Vein Biometrics Market

"BFSI to Dominate; Healthcare to Register Strong Growth"

Banking, Financial Services & Insurance (BFSI) was the largest value contributing end-use segment in the global palm vein biometrics market in the base year 2020. The trend shall lengthen over the forecast period with the segment holding on to its leading position by 2029. It is imperative for banks and institutions offering financial services to ensure confidentiality of the information. Thus, adoption of security solutions including biometrics for controlling, managing, identifying, and defying unsolicited threats is highest in BFSI industry vertical. The palm vein recognition technology is garnering strong interest amongst healthcare providers for its ability to allow staff accurately identify patients by allowing them to access correct medical record for each patient. Similarly, the acceptance and satisfaction rate of the technology is high when compared with other technologies due to its intuitiveness, easy to use, and convenience offered. In addition, the ongoing trend of ensuring remote access to the information, especially in IT & Telecom vertical has supported the use of security solutions to safeguard off-premise information and client devices. Other industry verticals including government, public sector, education, and consumer electronics are also expected to contribute towards a positive market growth during the forecast period from 2021 to 2029.

"North America to Dominate; Asia Pacific to Register Steady Growth"

In 2020, North America was the largest palm vein biometrics market worldwide, closely followed by Europe. The value share of North America in the global palm vein biometrics market stood at over one-third of the global market value in the same year. The growth in developed economies including North America is majorly on the back of austere security regulations and measures that support implementation of technological safeguards across SMEs and large enterprises. In addition, multitude of investments in developing robust security infrastructure combined with higher acceptance to technological innovations is continually leading to the replacement of conventional systems with the state-of-the-art biometric solutions. The U.S. represents the largest palm vein biometrics market in North America and worldwide. The U.S. government has taken regulatory measures that promote cyber security, thereby driving demand for palm vein biometric solutions in the country. On the other hand, Asia Pacific is expected to register maximum growth during the forecast period from 2021 to 2029, majorly attributed to the improving physical security infrastructure and resulting demand for security solutions across industry verticals.

Key Players:

Some of the leading manufacturers profiled in the study include Fujitsu, IdentyTech Solutions America LLC, M2SYS Technology, PalmSure, Hitachi, Mantra Infotech, 3M Cogent, Inc., Imprivata, NEC Corporation, BioGuard, Matrix Security Solutions, IDLink System, Safran Group, among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Palm Vein Biometrics market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Palm Vein Biometrics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Offering
  • Hardware
  • Software
  • Services

End-use Vertical
  • BFSI
  • IT & Telecom
  • Healthcare
  • Government & Public Sector
  • Education
  • Consumer Electronics
  • Others (Residential, Retail, Manufacturing, etc.)

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Palm Vein Biometrics market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Palm Vein Biometrics market?
  • Which is the largest regional market for Palm Vein Biometrics market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Palm Vein Biometrics market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Palm Vein Biometrics market worldwide?
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