September 15th, 2022
Palm Vein Biometrics Market is projected to grow from US$ 0.56 billion in 2020 to US$ 5.5 billion by 2030. Increasing need of security system technology across the globe is driving the global palm vein biometrics market. Furthermore, instead of carrying keys, cards, memorizing passwords for guests and employees the usage of palm vein recognition technology for identification, verification, and authentication purposes fuels the global palm vein biometrics market.
The report "Global Palm Vein Biometrics Market, By Product (Hardware (Readers, Scanners, And Cameras) and Software and Services (Operating Systems, Middleware, Intelligent Layers, System Integration, Software Platforms, and Training and Post-Deployment Maintenance)), By Application (Banking and Finance, Healthcare, Home Security, Commercial Security, Consumer Electronics, Education Sector, Gaming, Transportation, and Government Sectors), and Region - Global Forecast to 2029"
· In June 2017, Fujitsu Ltd launched PalmSecure ID Login. This is a new biometric authentication solution that helps organizations secure their networks against unauthorized access, while also reducing the risk of attack from hackers and identity thieves.
· On June 2017, M2SYS Technology partner with SecuGen Corporation launch CloudABIS. This is new platform is intended to help organizations implement biometric identity systems with as little friction as possible
Key Market Insights from the report:
Global palm vein biometrics market accounted for US$ 0.56 billion in 2020 and is projected to register a moderate CAGR of 26.0% over the forecast period. The market report has been segmented on the basis of product, application, and region.
· By product, global palm vein biometrics market is bifurcated hardware and software and services. Hardware product sub-segment is categorized into readers, scanners, and cameras. Further, software and services product sub-segment is bifurcated into operating systems, middleware, intelligent layers, system integration, software platforms, training and post-deployment maintenance.
· By application, Banking and finance sector segment is dominated in the global palm vein biometrics market. This is owing to palm vein biometrics used in banking and finance sector applications such as physical access control, logical access control, branch banking, ATMs, mobile banking, and safe deposit locker.
· By region, North America palm vein biometrics market is expected to dominate in terms of revenue in the global palm vein biometrics market over the forecast period, followed by Europe. This can be attributed to large number of established manufacturing companies and rising investment activities pertain to software technologies in countries of the region. Asia Pacific palm vein biometrics market is expected to significant share in terms of revenue in the global palm vein biometrics market in the near future.
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The prominent player operating in the global palm vein biometrics market includes Fujitsu Ltd, M2SYS Technology, Hitachi, Ltd, NEC Corporation, 3M Cogent, Inc, BBI Life Sciences Corporation, Mantra Softech India Private Limited, iDLink Systems Pte Ltd, iAccess System Inc, and IdentyTech Solutions ltd.
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