Global Palm Vein Biometrics Market 2016-2020

Overview of the global palm vein biometrics market

Palm vein recognition is a contactless, biometric authentication technology that compares the palm vein scan stored in the database with the image of palm veins of an individual captured at that instant. With the emergence of mobile biometrics, the market for palm vein biometrics has a positive outlook over the forecast period. The increasing adoption of mobile devices across various sectors including healthcare, government, enterprises, BFSI, and transportation is prompting the introduction of palm vein recognition for securing access to data on mobile devices. Furthermore, mobile biometrics can be used to identify individuals at locations such as schools, banking stations, prisons, patrol cars, and battlefield to provide them authorized access to services. In additional, palm vein recognition is envisaged to be adopted in mobile devices for access control and for gaining access to payment transactions. Therefore,it can be estimated that the increasing adoption of palm vein recognition in mobile biometrics will aid in the strong growth of this market in the coming years. Technavio’s market research analysts have predicted the global palm vein biometrics market to grow stupendously at a CAGR of more than 22% until the end of 2020.

In this market research report, the analysts have estimated factors such as the emergence of palm vein recognition across the hospitality sector, oil and gas industries, and automobile sectors to contribute to the growth of this market over the predicted period. Palm vein recognition is likely to be adopted in the hospitality sector for securing guests and employees. Instead of carrying keys or cards or memorizing passwords, guests and employees can use palm vein recognition technology for identification, verification, and authentication purposes. Similarly, a number of oil and gas utilities, such as Bharat Petroleum Corporation Limited in India, are using palm vein recognition technology to keep track of employees and provide secure and authorized access to them. Moreover, palm vein recognition technology is envisaged to be used in automobiles for gaining secure access to cars, ignition permission, and anti-theft programs.

Segmentation by end user and analysis of the palm vein biometrics market

• Healthcare
• Education
• BFSI

During 2015, the BFSI sector dominated the market and accounted for more than 58% of the market share in terms of revenue. During the forecast period, increasing incidences of security breaches and transaction frauds have resulted in the augmented need for highly secure verification and identification systems, especially in the BFSI.

Geographical segmentation of the palm vein biometrics market

• APAC
• Europe
• Latin America
• MEA
• North America

In this industry report, the analysts envisaged that North America will dominate the market and will post a market revenue of more than USD 438 million by the end of 2020. Increasing instances of criminal activities and the growing adoption of consumer electronics will bolster the growth prospects for this market in North America.

Competitive landscape and key vendors

The global palm vein biometrics market is highly fragmented with the presence of several multinational vendors and small regional vendors. Large vendors often acquire the smaller vendors to expand their product portfolio and market share. The competition is likely to get intense with an increase in solution extensions, technological innovations, and M&A activities.

Key vendors in this market are -

• BioEnable
• Fujitsu
• M2SYS
• Tyco

Other prominent vendors in the market include IdentyTech Solutions, iDLink Systems, Imprivata, Mantra Softech, and Matrix Security Solutions.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global palm vein biometrics market?
• What are the key market trends impacting the growth of the global palm vein biometrics market?
• What are the challenges to market growth?
• Who are the key vendors in the global palm vein biometrics market?
• What are the market opportunities and threats faced by the vendors in the global palm vein biometrics market?
• Trending factors influencing the market shares of APAC, Europe, Latin America, MEA, and North America. 
• What are the key outcomes of the five forces analysis of the global palm vein biometrics market?

Technavio also offers customization on reports based on specific client requirement.

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