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 RegionGlobal Forecast to 2025
The palm vein scanner market report share is estimated to be USD 416 million in 2020 and expected to reach USD 1,150 million by 2025, at a CAGR of 22.6% from 2020 to 2025
A palm vein scanner is a biometric scanner or device which works on the palm vein pattern recognition or authentication technology. A palm vein authentication works by comparing the pattern of veins in the palm (which appear as blue lines) of a person being authenticated with a pattern stored in a database. As vascular patterns are unique to each individual and exist inside the body, it is not possible to steal these patterns, making palm vein authentication scanners the most secure of all biometric identification methods. Finger vein pattern recognition is based on the same principle as palm vein pattern recognition.
Palm vein recognition technology works by pairing a biometric scanner with a database server or smart card, which stores user data and matches this data with the scanned data.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=66740305
The palm vein recognition technology provides a high level of accuracy and offers an intuitive, non-intrusive, stigma-free, and easy-to-use interface that users are very comfortable with.
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
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.
Know more @
https://www.marketsandmarkets.com/Market-Reports/palm-vein-scanner-market-66740305.h tml
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge
AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430 Northbrook, IL 60062
USA : 1-888-600-6441
