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Palm Vein Biometrics Market to Reach US$ 67.7 bn by 2031, driven by increasing prevalence of diabetes: Global Insight Services
New York, August 2022: According to a new research study by Global Insight Services (GIS), the global palm vein biometrics market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 67.7 billion by 2031.
Palm vein biometrics is a contactless and biometric authentication technology that compares the image of the palm vein scan of the individual captured at that instant to the image of the palm vein scan stored in the database. It uses vascular patterns as personal identification data. It is the secured technology and is difficult to forge as the data is retrieved from the body. Thus, it finds its applications in banking & finance, consumer electronics, commercial security, gaming sector, healthcare, and others.
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Palm Vein Biometrics Market: Key Trends and Drivers
Several countries are modernizing their ID records to include biometrics that verify identity based on physical characteristics such as the face, iris, fingerprints, palm prints, and voice. For instance, in September 2020, the Singapore government announced that it will use facial verification in its national identity scheme. The biometrics validation will provide citizens with secure access to both government and private services. The Indian government also proposed to use biometrics for the identification of individuals in e-governance applications. Government organizations are focusing on strengthening their security systems by ensuring precise identification of citizens, which will fuel the market expansion.
Palm Vein Biometrics Market: Restraints & Challenges
Availability of alternative biometric systems may impede the industry growth. There are various biometric identification systems available in the market, such as fingerprint identification, iris recognition systems, facial recognition systems, and speech recognition systems. Though palm vein scanners are more precise than any other biometric system, the cost involved in the system’s installation and complexity makes organizations choose other biometric systems available in the market. Another limitation is that palm vein technology can only be truly used in a 1:1 search capacity, which limits its implementations to only small database environments. The system has lower recognition rates than fingerprint identification systems.
Palm Vein Biometrics Market Report Findings
https://www.globalinsightservices.com/reports/palm-vein-biometrics-market/
The hardware segment is likely to hold a dominant palm vein biometrics market share and grow at a substantial CAGR during the forecast period.
Based on product, it is segmented into software & services and hardware. In 2021, the hardware segment dominated the market and accounted for the significant revenue share in 2021. Biometrics scanners are hardware used to capture the biometric for verification of identity. These scans match against the saved database to approve or deny access to the system. In other words, biometric security means your body becomes the “key” to unlock your access.
The unimodal biometric system segment is anticipated to hold a majority of the palm vein biometrics market size throughout the study period.
Based on authentication, it is segmented into unimodal biometric system and multimodal biometric system. The unimodal biometric system segment held a significant share in the market and is expected to grow at a moderate rate over the forecast period on account of the short length of these devices. It authenticates the user based on who they are as opposed to what they know or what they have. Another advantage of biometric identifiers is they cannot be guessed, forgotten, misplaced or easily forged unlike the knowledge-based and the possession-based identification schemes. As a result, it increases the demand thereby augment segmental growth. However, theoretically, unimodal biometric identification might seem very proficient but in reality there are numerous challenges when enrolling large populations using just a single biometric. The major issue with unimodal biometric system is that no one technology can be suitable for all applications and hence using a multimodal biometric system will compensate the limitations of unimodal biometric system. Hence aforementioned factors will limit the segmental growth to some extent.
The retail & e-commerce segment is anticipated to hold a majority of the palm vein biometrics market size throughout the study period.
Based on End-use, it is segmented into BFSI, government & defense, aerospace, automotive, consumer electronics, healthcare, retail & e-commerce and others. The retail & e-commerce is expected to expand at the fastest growth rate during the forecast period. Biometric technology enables retailers to develop a database of suspected shoplifters and retail offenders. Retailers can then identify previous shoplifters based on whether their face’s features match existing profiles in a shoplifter database. With the use of biometrics, retail stores can improve customer engagement, personalization, and security and offer a futuristic experience that cannot be matched by e-Commerce retailers. Increasing the market share of e-Commerce players is another major challenge to address for bricks-and-mortar stores. They have no option but to up their game and biometrics can help them with it. Retail stores offer a unique advantage of physically examining products for their look, feel, and usability, something that e-Commerce stores cannot offer no matter what technology they use.
Today, the retail sector has been facing a multitude of challenges to keep its sales figures up. The growing number of retail brands and the cut-throat price war have been giving retail stores a tough time staying profitable. Biometric technology is generally perceived as a personal identification method, primarily used for identification, authentication, and access control. Contrary to this common perception, biometrics can be used in a wide variety of use cases and not just identification/authentication. Identification, however, remains the core of any biometric deployment.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the surface disinfectant market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe accounted for the significant market share and expected to register the fastest CAGR from 2022 to 2031. The UK biometrics market is predicted to observe a significant growth rate through 2027 led by the growing usage of facial recognition systems that ensure the precise authentication of individuals. As of August 2021, the country has one of the highest smartphone penetration rates of around 85%. The country witnessed a rise in the use of smart devices, such as laptops and tablets, since the imposition of lockdown in 2020. The expanding consumer electronics market will spur the demand for biometrics that ensure accurate user authentication. The government is also using facial recognition technology to track criminals. The Metropolitan Police currently uses NEC Corporation’s NeoFace Live Facial Recognition technology to capture images and compare them with the existing images on the watchlist. It measures the structure of every face including the distance between the mouth, jaw, nose, and eyes to create a facial template.
In addition, major vendors are focused on developing smarter technologies for surface disinfections. For instance, in November 2019 – Fujitsu launched sales of the FUJITSU Security Solution AuthConductor V2 which uses various authentication methods, including palm vein authentication, to deliver comprehensive biometric authentication support for customers. With the launch of this upgraded solution, Fujitsu enables customers to enjoy convenience with secure and flexible solutions for a diverse range of use cases and authentication scenarios
Recent Developments in the Palm Vein Biometrics Market:
- In May 2022, Mastercard to launched biometric checkout tool for retailers.
- In August 2021, Amazon introduced its new biometric palm print scanners.
- In February 2021, Amazon expanded its biometric-based Amazon One palm reader system to more retail stores.
- In May 2020, NEC Corporation announced the development of a multimodal biometric authentication terminal that has been recognized as the world’s No.1 in benchmark tests for identification technologies conducted by the US National Institute of Standards and Technology (NIST) and is the core technology of NEC’s multimodal biometric authentication brand “Bio-Idiom.”
- In December 2019, Recogtech partnered with Nedap (Netherlands), a leading technology company specializing in RFID and access solutions, to develop highly secured palm vein recognition technology.
Palm Vein Biometrics Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global palm vein biometrics market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future palm vein biometrics market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the palm vein biometrics market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global pen needles industry.
Global Palm Vein Biometrics Market Segments
By Product
- Software &Services
- Hardware
By Needle Length
- Unimodal biometric system
- Multimodal biometric system
By Therapy
- BFSI
- Government & defense
- Aerospace
- Automotive
- Consumer electronics
- Healthcare
- Retail & e-commerce
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- Africa
Key Players Profiled in the Report
Aware Inc.
Accenture PLC
ASSA ABLOY AB
Fujitsu Ltd.
Idemia
NEC Corporation
Nuance Communications Inc.
Thales Group
Stanley Convergent Security Solutions Inc.
Leidos Holdings
Megvi (Face++)
