Palm Vein Biometrics Market By Product Type (Hardware, Software), By Application(Banking and finance sector, Healthcare and others), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

The biometric authentication system based on palm veins aims to identify individuals from their unique palm vein structure. A rising number of deployments and growing need for advanced security system are the drivers boosting the demand for palm vein biometrics market. Also, the growing application of biometrics for better security purpose aids the market growth. The threats related to national security and improvements in technology are also propelling the need for the biometric technology. Global palm vein biometrics market is might witness a grow at steady pace over the forecast years.

The increasing competitive business has augmented the need to protect organizations’ confidential data and information to maintain their market position. Various government initiatives to provide each citizen’s unique ID are expected to drive market growth. Advancement in technology might be to be one of the major factors that aids the market growth. According to the data announced in the conference of Health IT, Medic FP is integrating palm vein biometric device of Fujitsu in its validated product which is used to endorse the eligibility and identity of the patients prior to the service is concentrated.

Palm vein biometrics differentiates between people on the basis of human body’s palm vein pattern. The benefits associated with this technology are easy of usage, optimum security and accuracy, and reliability. On the basis of product, the market is divided into hardware, software and services. Hardware includes scanners, readers, and cameras, while services and software include operating systems, middleware, software platforms, post-deployment maintenance and training.

On the basis of application, the market is segmented into banking and financial sector, healthcare, home security, business security, consumer electronics, education, gaming, transportation and government. The healthcare segment is expected to register high growth rate. This technology aids in retrieving patient’s individual record, accurately and automatically. Above-mentioned factors are estimated to boost the target market in the forecast years. Focus on development activities for manufacturing of new and innovative biometric authentication systems at cost-effective prices can create lucrative opportunities for major players operating in the target market. Advancement of techniques to improve biometric authentication systems is expected to create potential opportunities for leading players in the target market during the forecast period. The high cost of these devices of the coupled with the difficulty in maintaining the efficiency of these devices is a factor that may hinder the growth of the target market.

On the basis of region, the market is further segmented into North America, Latin America, MEA, Europe and Asia Pacific. North America is estimated to dominate the market owing to enormous number of key manufacturers companies and growing investment activities belonging to software technologies. Also, wide-ranging distribution channels and continuous R&D are the factors leading to the growth in this region.

The Global Palm Vein Biometrics Market is segmented on the basis of:

Segmentation by Product

• Hardware
• Software

Segmentation by Application

• Banking and finance sector
• Healthcare
• Home security
• Commercial security
• Consumer electronics
• Other Applications

Segmentation by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players:

• FUJITSU
• M2SYS Technology
• BioEnable
• Matrix Security Solutions
• Identy Tech Solutions
• PalmSure
• Mofiria
• Hitachi
• NEC
• 3M Cogent
• Other Market Players