The global market for palm vein biometrics is projected to have a considerable CAGR of around 22.1% during the forecast period. Palm vein biometrics is an effective contactless method that uses vascular patterns personal identification data. The palm vein technology is secure as the data is retrieved from the body and is therefore difficult to forge. The market of palm vein biometrics is likely to grow at a considerable pace during the forecast period attributing to an organization’s increased need to protect confidential information and data to maintain its market position. The government has also adopted several initiatives to give citizens unique identification cards. For instance, the Indian government has taken initiatives of providing Aadhar card that consists of biometric data of the individual. Furthermore, the rising demand for all-in-one biometric solutions and the adoption of mobile devices is also propelling the market growth. However, the availability of more user-friendly alternatives to biometric methods such as voice, face, and iris recognition systems will be restraining the growth of the palm vein biometrics market.
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Among applications, the BFSI segment is estimated as dominating segment during the forecast period. The need for highly secure verification and identification systems has increased in the BFSI sector as the number of security breaches has grown. To provide consumers with secure access, some banks and financial institutions incorporated biometrics technologies such as palm vein recognition technology with access control systems. For instance, Bank of Tokyo-Mitsubishi, a commercial bank in Japan, implemented a palm vein biometric system to provide a secure and cost-effective solution to its customers. Palm vein biometrics are being adopted by a growing number of BFSI companies, which is supporting the market’s growth. For instance, Gesa Credit Union, a financial services institution is leveraging palm recognition technology in association with financial technology company Fiserv.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Palm Vein Biometrics Market Report by Segment
By Type
- Hardware
- Software and Solution
By Application
- Healthcare
- BFSI
- Banking
- Commercial
- Others (education)
Global Palm Vein Biometrics Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global palm vein biometrics market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
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