The global palm vein biometrics market is expected to witness significant growth over the forecast period. An increasing number of deployments and growing need for advanced security system are the drivers anticipating the demand for the palm vein biometrics market. In addition, increasing application of biometrics for better security purpose has a positive impact on the market growth. Threats to national security and advancements in technology are also fueling the need for this biometric technology.
Growing business competition has increased the need for securing confidential data and information of an organization for sustaining the market position. Various initiatives taken by the governments to provide every citizen unique identity cards is expected to drive the market growth. For instance, the aadhar cards initiative undertaken by the Indian government consists of biometric data collection of an individual.
Advancement in technology is expected to be one of the major factors contributing to the market growth. In January 2016, according to the data announced in the Health IT conference, MedicFP is incorporating palm vein biometric solution of Fujitsu in its verify product which is used to endorse the identity and eligibility of patients before the service is rendered.
In February 2016, Fujitsu Company has launched a new 2-in-1 device incorporated with PalmSecure palm vein biometric called as STYLISTIC Q736. The company states that it is more accurate, hygienic, faster, and easier than other competing authentication solutions available in the market. The device is a 13.3 inch tablet, which can also be transformed into a clamshell notebook by connecting it with dockable keyboard which further enables security authentication through SmartCard technology. The device also supports the contactless SmartCard via near field communication technology.
Palm vein biometrics discriminates between individuals on the basis of palm vein pattern of the human body. The advantages associated with this technology are optimum security and accuracy, easy of usage, and reliability.
On the basis of product, the market is segmented into hardware and, software and services. Hardware includes readers, scanners, and cameras while software and services include operating systems, middleware, intelligent layers, system integration, software platforms, training, and post-deployment maintenance.
The palm vein biometrics market on the basis of the application is segmented into the banking and finance sector, healthcare, home security, commercial security, consumer electronics, education sector, gaming, transportation, and government sectors. It is gaining importance in the banking and financial services sector owing to applications such as physical access control, logical access control, branch banking, ATMs, mobile banking, kiosks, and safe deposit locker. It helps in protecting customers from data breaching and identity theft.
Another major segment is the healthcare sector. This technology helps in retrieving patient’s individual record, automatically and accurately. Patients appreciate the ease to use scanners, safety benefits associated with them, and convenience of technology. Aforementioned factors are estimated to increase its acceptance rates in the coming future. Company named as Imprivata has offered a palm vein recognition technology solution named as Imprivata PatientSecure. This solution offers high accurate patient identification, high patient adoption rate, easy deployment, easy patient enrollment, and identification process, reduced wait times, improved patient experience and, high return on investment coupled with low maintenance cost. It is currently available in the U.S and Canada.
Geographically, the palm vein biometrics market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America is estimated to dominate the market followed by Europe owing to a large number of established manufacturing companies and rising investment activities pertaining to software technologies. In addition, wide distribution channels and high research and development capabilities are the factors leading to the growth in this region. In the U.S, palm vein biometric technology is widely used in various sectors including defense, justice and state, homeland security, and commercial security.
Asia Pacific is expected to witness the fastest growth over the coming decade. Rising awareness for biometric technologies, growing population base and an increasing number of manufacturing companies are the drivers anticipating the demand for palm vein biometric market. Furthermore, high disposable income level has a positive effect on the market growth.
The emerging countries such as India and China are expected to witness significant growth over the decade owing to the initiatives taken by the government such as UIDAI project in India which provides new opportunities for the palm vein biometric.
The major participants in the palm vein biometrics market include FUJITSU, M2SYS Technology, Hitachi, NEC, 3M Cogent, Safran, Mantra Infotech, IDLink Systems, BioEnable, Matrix Security Solutions, Identy Tech Solutions, PalmSure, Mofiria, and Tyco.
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To address the surge of COVID-19, governments all over the world are developing stringent surveillance mechanisms to ensure that people in high-risk zones, or those instructed to be under strict home quarantine. Smartphone apps integrated with geotagging features have been rolled out by various governments to ensure adherence to social distancing. Health surveillance in the wake of this pandemic has essentially become a mic of technology and human intelligence. The updated report will account for Covid19 as a key market contributor.