The global palm vein biometrics market is 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 the most reliable, secure, and accurate identity authentication techniques for physical access, data access, and general security. With perpetual growth in networks, devices, and 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. The deployment of a biometric identity and access control solution capable of identifying the person behind the password is a major step towards ensuring reliable system security. For a few years now, enterprises worldwide have been experimenting with several biometric authentication solutions, such as voice recognition, digital signatures, and fingerprint and face recognition, among others. Although all of the aforementioned biometric solutions offer a relatively greater level of security than traditional passwords, palm vein recognition technology is touted as the most accurate and reliable biometric authentication solution currently available in the market. This is because veins have a wealth of distinct features, thereby making attempts to falsify an identity extremely difficult.
Market Synopsis
BFSI to Dominate; Healthcare to Register Strong Growth
Banking, Financial Services, and 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 the confidentiality of the information. Thus, the adoption of security solutions, including biometrics, for controlling, managing, identifying, and defending against unsolicited threats is highest in the BFSI industry vertical. Palm vein recognition technology is gaining popularity among healthcare providers due to its ability to accurately identify patients by allowing staff to access the 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, ease of use, and convenience offered. In addition, the ongoing trend of ensuring remote access to information, especially in the IT and telecom verticals, has supported the use of security solutions to safeguard off-premise information and client devices. Other industry verticals, including government, the public sector, education, and consumer electronics, are also expected to contribute to positive market growth during the forecast period from 2018 to 2026.
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 largely due to austere security regulations and measures that support the implementation of technological safeguards across SMEs and large enterprises. In addition, a multitude of investments in developing robust security infrastructure combined with higher acceptance of technological innovations is continually leading to the replacement of conventional systems with 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, which is majorly attributed to the improving physical security infrastructure and the 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, and Safran Group, among others.
Periods of History and Forecast
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. The CAGR (compound 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 are answered in this report.
What was the global palm vein biometrics market size in 2016 and 2017?
What are the estimated forecast and market projections up to 2026?
Which is the 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 the highest value in the global palm vein biometrics market?
Predominant trends shaping the global palm vein biometrics market
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?
Frequently Asked Questions:
The market for Palm Vein Biometrics is expected to reach XX Mn in 2026.
The Palm Vein Biometrics market is expected to see significant CAGR growth over the coming years, at 16.5%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Fujitsu,IdentyTech Solutions America LLC,M2SYS Technology,PalmSure,Hitachi are some of the major players in the global market.
