Palm Vein Biometrics Market
Global Palm Vein Biometrics Market Size, Share & Trends Analysis Report by Type (Hardware, Software, and Solution), By Application (Healthcare, BFSI, Banking, Commercial, and Others) Forecast Period 2022-2028 Update Available - Forecast 2024-2030
The global market for palm vein biometrics is projected to have a considerable CAGR of around 22.1% during the forecast period. Palm vein biometrics is an effective contactless method that uses vascular patterns personal identification data. The palm vein technology is secure as the data is retrieved from the body and is therefore difficult to forge. The market of palm vein biometrics is likely to grow at a considerable pace during the forecast period attributing to an organization's increased need to protect confidential information and data to maintain its market position. The government has also adopted several initiatives to give citizens unique identification cards. For instance, the Indian government has taken initiatives of providing Aadhar card that consists of biometric data of the individual. Furthermore, the rising demand for all-in-one biometric solutions and the adoption of mobile devices is also propelling the market growth. However, the availability of more user-friendly alternatives to biometric methods such as voice, face, and iris recognition systems will be restraining the growth of the palm vein biometrics market.
Segmental Outlook
The global palm vein biometrics market is segmented based on type, and applications. Based on the type, the market is further classified into hardware, software, and solution. Further, based on the application the market is classified into healthcare, BFSI, banking, commercial, and others.
Global Palm Vein Biometrics Market Share By Application, 2021(%)
The BFSI Segment is Considered the Dominating Segment in the Global Palm Vein Biometrics Market.
Among applications, the BFSI segment is estimated as dominating segment during the forecast period. The need for highly secure verification and identification systems has increased in the BFSI sector as the number of security breaches has grown. To provide consumers with secure access, some banks and financial institutions incorporated biometrics technologies such as palm vein recognition technology with access control systems. For instance, Bank of Tokyo-Mitsubishi, a commercial bank in Japan, implemented a palm vein biometric system to provide a secure and cost-effective solution to its customers. Palm vein biometrics are being adopted by a growing number of BFSI companies, which is supporting the market's growth. For instance, Gesa Credit Union, a financial services institution is leveraging palm recognition technology in association with financial technology company Fiserv.
Regional Outlook
Geographically, the global palm vein biometrics market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Asia-Pacific is projected to have a significant CAGR in the palm vein biometrics market. cooking various cuisines has aided the growth of the palm vein biometrics market in the region. Countries including China and Japan have been adopters of biometric solutions, including palm vein and finger vein biometric systems, primarily using these technologies in the BFSI sector. Fujitsu, Hitachi, and NEC Corporation are among the key players of palm vein and finger vein biometric technologies in the region.
Global Palm Vein Biometrics Market Growth, by region 2022-2028
North America to hold a considerable CAGR in the global palm vein biometrics market
Geographically, North America is projected to hold a significant share in the global palm vein biometrics market. The region is witnessing a growing interest among organizations in adopting systems that use biometric characteristics to identify people. For instance, in 2015 a New Jersey-based healthcare company, Atlantic Health System adopted Patient Secures biometric palm vein scanning solution to speed up the patient intake and improve record accuracy. Further, according to the Federal Trade Commission, identity thefts related to the payment and banking sector are prominent in North America, which in turn, is set to boost the adoption of advanced authentication services such as biometrics. California has the highest number of identity theft complaints in 2018, as per the Federal Trade Commission.
Market Players Outlook
The key players in the palm vein biometrics market contribute significantly by providing different types of products and increasing their geographical presence across the globe. Fujitsu Ltd, BioEnable Technologies Pvt Ltd, Hitachi Ltd, and, Matrix Comsec Pvt. Ltd, among others. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. In May 2020, NEC Corp announced the development of a multimodal biometric authentication terminal that includes face and iris recognition technologies that have been named the world's No. 1 in benchmark tests for identification technologies conducted by the United States National Institute of Standards and Technology (NIST), and are core technologies of NEC's multimodal biometric authentication brand, Bio-Idiom.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global palm vein biometrics market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where in the market.
1. Report Summary
1.1. Research Methods and Tools
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Palm Vein Biometrics Industry
• Recovery Scenario of Global Palm Vein Biometrics Industry
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Competitive Dashboard
3.2. Key Strategy Analysis
3.3. Key Company Analysis
3.4. Impact of COVID-19 on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Palm Vein Biometrics Market by Type
5.1.1. Hardware
5.1.2. Software
5.1.3. Solution
5.2. Global Palm Vein Biometrics Market by Application
5.2.1. Healthcare
5.2.2. BFSI
5.2.3. Banking
5.2.4. Commercial
5.2.5. Others (education)
6. Regional Analysis
6.1. North America
6.1.1. US
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. ASEAN
6.3.5. South Korea
6.3.6. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. 3M Cogent, Inc.
7.2. Advancive Technology Solutions Inc.
7.3. BioEnable Technologies Pvt. Ltd
7.4. BioSec Group Ltd
7.5. Dakar Software Systems
7.6. Eportation, Inc.
7.7. Fujitsu Ltd.
7.8. Hitachi Ltd
7.9. ID Link
7.10. IdentyTech Solutions America Inc.
7.11. Idlink Systems Pte Ltd.
7.12. Imprivata Inc.
7.13. M2sys Technology Inc
7.14. Mantra Softech (India) Pvt Ltd
7.15. Matrix Comsec Pvt. Ltd
7.16. Mofiria Corp
7.17. NEC Corp
7.18. Recogtech B.V.
7.19. Safran SA
7.20. Tyco International plc.
1. GLOBAL PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
2. GLOBAL PALM VEIN BIOMETRICS HARDWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL PALM VEIN BIOMETRICS SOFTWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL PALM VEIN BIOMETRICS SOLUTION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
5. GLOBAL PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
6. GLOBAL PALM VEIN BIOMETRICS IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL PALM VEIN BIOMETRICS IN BFSI MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL PALM VEIN BIOMETRICS IN BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL PALM VEIN BIOMETRICS IN COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
10. GLOBAL PALM VEIN BIOMETRICS FOR OTHER APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
12. NORTH AMERICAN PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
13. NORTH AMERICAN PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
14. NORTH AMERICAN PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
15. EUROPEAN PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
16. EUROPEAN PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
17. EUROPEAN PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
18. ASIA-PACIFIC PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
19. ASIA-PACIFIC PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
20. ASIA-PACIFIC PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY APPLICATION 2021-2028 ($ MILLION)
21. REST OF THE WORLD PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2028 ($ MILLION)
22. REST OF THE WORLD PALM VEIN BIOMETRICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL PALM VEIN BIOMETRICS MARKET, 2021-2028 (% MILLION)
2. IMPACT OF COVID-19 ON GLOBAL PALM VEIN BIOMETRICS MARKET BY SEGMENT, 2021-2028 (% MILLION)
3. RECOVERY OF GLOBAL PALM VEIN BIOMETRICS MARKET, 2021-2028 (%)
4. GLOBAL PALM VEIN BIOMETRICS MARKET SHARE BY TYPE, 2021 VS 2028 (%)
5. GLOBAL PALM VEIN BIOMETRICS MARKET SHARE BY APPLICATION, 2021 VS 2028 (%)
6. GLOBAL PALM VEIN BIOMETRICS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL PALM VEIN BIOMETRICS HARDWARE MARKET SIZE, 2021-2028 ($ MILLION)
8. GLOBAL PALM VEIN BIOMETRICS SOFTWARE MARKET SIZE, 2021-2028 ($ MILLION)
9. GLOBAL PALM VEIN BIOMETRICS SOLUTION MARKET SIZE, 2021-2028 ($ MILLION)
10. GLOBAL PALM VEIN BIOMETRICS IN HEALTHCARE MARKET SIZE, 2021-2028 ($ MILLION)
11. GLOBAL PALM VEIN BIOMETRICS IN BFSI MARKET SIZE, 2021-2028 ($ MILLION)
12. GLOBAL PALM VEIN BIOMETRICS IN BANKING MARKET SIZE, 2021-2028 ($ MILLION)
13. GLOBAL PALM VEIN BIOMETRICS IN COMMERCIAL MARKET SIZE, 2021-2028 ($ MILLION)
14. GLOBAL PALM VEIN BIOMETRICS FOR OTHER APPLICATION (MARKET SIZE, 2021-2028 ($ MILLION)
15. US PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
16. CANADA PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
17. UK PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
18. FRANCE PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
19. GERMANY PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
20. ITALY PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
21. SPAIN PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
22. ROE PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
23. INDIA PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
24. CHINA PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
25. JAPAN PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
26. ASEAN PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
27. SOUTH KOREA PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
28. REST OF ASIA-PACIFIC PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
29. REST OF THE WORLD PALM VEIN BIOMETRICS MARKET SIZE, 2021-2028 ($ MILLION)
