Palm Vein Scanner Market

The report "Palm Vein Scanner Market with COVID-19 Impact Analysis by Offering (Hardware, Software & Services), Product (Palm Vein Biometrics, Finger Vein Biometrics), Authentication, Functionality, End-User Vertical, Application, and Region - Global Forecast to 2025" The global palm vein scanner market is projected to grow from USD 416 million in 2020 to USD 1,150 million by 2025; it is expected to grow at a CAGR of 22.6% from 2020 to 2025. The most significant factors driving the growth of the palm vein scanner market are emerging superior benefits of palm vein scanners over other biometric technologies, increasing need to secure confidential information and data for organizations, surging adoption of biometric identification systems in BFSI, healthcare, and commercial sectors, expanding government support in Europe for internal biometric techniques owing to GDPR compliance, and growing partnerships and collaborations between vendors in the ecosystem boosting market proliferation.

Browse 170 market data Tables and 51 Figures spread through 220 Pages and in-depth TOC on "Palm Vein Scanner Market with COVID-19 Impact Analysis by Offering (Hardware, Software & Services), Product (Palm Vein Biometrics, Finger Vein Biometrics), Authentication, Functionality, End-User Vertical, Application, and Region - Global Forecast to 2025"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/palm-vein-scanner-market-66740305.html

Hardware segment accounted for significant market share of the global palm vein scanner market.

The hardware component of a palm vein biometric system is important to the biometric system ecosystem in the sense that the end user interacts with the hardware component during physical access control or logic access control authentication. Several advancements in the design of palm sensors have led to the development of small and slim palm sensors that offer uniform illumination by making use of an updated lighting system. This has led to their growing use in portable applications, including mobile devices.

Embedded system segment to register highest CAGR in global palm vein scanner market during 2020- 2025.

Embedded devices are gaining increased attention in biometrics due to reliability and cost-efficient systems. An embedded palm vein recognition system is used in institutions, industries, places that need security, among others. Palm vein authentication devices are available for embedded use to various equipment, devices, and systems. Some of these devices include palm vein authentication units and palm vein readers. Such devices are used to perform operations such as capturing a vein image, vein pattern verification, and authentication within the unit. This also aids in reducing the processing load on the host system or PC. Such biometric devices also offer support for operating systems other than Windows, thereby delivering a high level of compatibility.

BFSI segment to register highest CAGR in global palm vein scanner market during 2020- 2025.

Growing incidences of data breach and theft are raising concerns regarding security measures, specifically in the finance industry. Therefore, palm vein recognition biometrics are a suitable and reliable solution as they are used for security purposes in the BFSI vertical to protect customers from data theft and identity theft. Banks and financial institutions in developing countries, such as India, Japan, China, Argentina, and Brazil, are adopting vein recognition biometrics to verify customer identities. Palm vein recognition biometrics are relatively more efficient and accurate than other conventional types of biometric systems and exhibit lower False Acceptance Rate (FAR) and False Rejection Rate (FRR), which is a vital reason behind the surge in demand for these systems.

Asia Pacific to register highest CAGR in global palm vein scanner market during 2020- 2025.

The highest CAGR of the palm vein scanner market in APAC is attributed to the increasing demand for biometric solutions in the BFSI and commercial sectors in this region. The presence of major players in advanced biometric technologies such as finger vein and palm vein biometrics in APAC has led to the growth of the palm vein scanner market in the region. The region is also witnessing a growing awareness amongst consumers about the benefits offered by finger vein and palm vein biometrics in residential security control systems. China is expected to claim the largest share of the market in APAC by 2025. Moreover, the growing IT industry and the increasing acceptance of biometric solutions by governmental organizations in India and Singapore are expected to provide new growth opportunities to the palm vein scanner market.

Major players in the palm vein scanner market include Fujitsu Ltd. (Japan), Hitachi, Ltd. (Japan), NEC Corporation (Japan), M2SYS Technology (US), BioSec Group Ltd (Hungary), Recogtech B.V. (Netherlands), iDLink Systems Pte Ltd. (Singapore), ePortation, Inc. (US), Mofiria Corporation (Japan), BioEnable Technologies (India), and Dakar Software Systems (Malta). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global palm vein scanner market.

Don’t miss out on business opportunities in Palm Vein Scanner Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]