Palm vein biometrics: Key market research findings
- Growing adoption of multimodal biometrics
- Emergence of mobile biometrics
Technavio has released a new market research report on the global palm vein biometrics market, which is expected to grow considerably owing to its increased adoption in the BFSI, education, and healthcare sectors. Growing need for a contactless, reliable, secure, and accurate biometric technology for banks and ATMs has accelerated the demand for palm vein technology. APAC is expected to be the fastest-growing region in the palm vein biometrics market, owing to the shift of the organizations from smartcard-based systems to palm vein biometric systems.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The market is witnessing increased use of multimodal biometrics across various sectors such as healthcare, BFSI, transportation, automotive, and government sectors. These organizations prefer multimodal biometrics for controlling access to secure premises and authenticating individuals. The use of multimodal biometrics provides accuracy and reliable recognition and fortified level of security,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research
The increased adoption of mobile devices across the globe in sectors such as the healthcare, government, enterprises, BFSI, and transportation is prompting the use of palm vein recognition for securing access to data on mobile devices. Mobile biometrics helps to capture physical features of an individual and compare them against the database for real-time identity verification. Palm vein recognition is likely to be adopted in mobile devices for access control and for gaining access to payment transactions. A number of telecom operators are supporting the use of wireless mobile biometrics for the same.
The key vendors in the global palm vein biometrics market include BioEnable, Fujitsu, M2SYS and Tyco. The market is fragmented with the presence of many multinational vendors and small regional players. Large vendors are acquiring small vendors to expand their product portfolio and market share. Competition in this market is expected to intensify with an increase in solution extensions, technological innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Palm Vein Biometrics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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