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

The global palm vein biometrics market expected to expand at a CAGR of 16.5% during the forecast period from 2018 to 2026. 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.

Market Synopsis

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"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 2017. The trend shall lengthen over the forecast period with the segment holding on to its leading position by 2026. 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 2018 to 2026.

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

In 2017, 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 2018 to 2026, majorly attributed to the improving physical security infrastructure and resulting demand for security solutions across industry verticals.

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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 research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2016 to 2026, considering 2017 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

Key segments covered in the report are as follows:

Key questions answered in this report

• What was the global palm vein biometrics market size in 2016 & 2017?
• What is estimated forecast and market projections up to 2026?
• Which is largest regional market for palm vein biometric solutions and services?
• Which end-use segment has the largest penetration of palm vein biometric solutions and services?
• Which offering contributes highest value in the global palm vein biometrics market?
• Predominant trends shaping the global palm vein biometrics market worldwide
• Which is the most attractive, and promising end-use segment in the global palm vein biometrics market?
• Who are the leading manufacturers in the global palm vein biometrics market?
• What are the key strategies adopted by the leading manufacturers in the global palm vein biometrics market?