According to a new market research report published by Credence Research, “Palm Vein Biometrics Market (by Offering (Hardware, Software, and Services), by End-use (BFSI, IT & Telecom, Healthcare, Government & Public Sector, Consumer Electronics, Education, and Others (Residential, Retail, Manufacturing, etc.)), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global palm vein biometrics market is expected to expand at a CAGR of 16.5% during the forecast from 2018 to 2026 .
Browse the full report at https://www.credenceresearch.com/report/palm-vein-biometrics-market
Business organizations across the globe are facing severe challenges from increasing number of cyber-crimes and are looking for advanced solutions that improve the security at both public and private places. Conventional authentication technologies such as tokens and passwords are vulnerable and can be easily scythed by unauthorized person. Palm vein biometrics technology has the capability to address this challenge and eliminate the threat of offering access to an unauthorized person since it uses an authorized person’s unique vein pattern in palms for identification.
The palm vein biometric market worldwide will be majorly driven by the perpetually growing investments towards physical security infrastructure development in the government and public sector segments. With increasing vulnerabilities in access control & considering highly confidential nature of the information at government facilities, palm vein biometric solutions are gaining prominence in the government sector. For instance, the governments of various countries across the globe have begun preferring palm vein recognition technology for the purpose of access authorization, verification, and e-passport management among others. In case of airport and other transportation mediums, authorities are focusing on improve the overall security infrastructure in wake of rising number of terrorist attacks. Palm vein recognition technology being one of the most accurate and reliable identity identification technologies is bound to witness strong growth at transit points, offering enormous growth potential throughout the forecast period from 2018 to 2026.
Similarly, palm vein biometric devices are eventually expected gain prominence in commercial and residential spaces for attendance and access control application. With the expansion in breadth of digital capabilities, palm vein biometric solutions are expected to become the preferred security solution for enterprises of all sizes and across different industry verticals including BFSI, IT & telecom, and healthcare among others. All these factors represent huge opportunity for palm vein biometric devices manufacturers. In terms of geographic region, emerging economies that have huge unmet identification & authentication needs and insufficient mechanisms for linking people to their legal identity offers a strong opportunity for the manufacturers to gain first movers advantage. 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.