Palm vein scan is biometric that works by using infrared light to map the unique vein structure of your palm, capturing over 5 million data points. The palm vein scanner then converts these data points into a unique encrypted code that becomes your biometric ID. Growing business competition has increased the need for securing confidential data and information of an organization for sustaining the market position.
According to AMA, the market for Palm Vein Biometrics is expected to register a CAGR of 24.5% during the forecast period to 2027.
|High Growth Market||Asia Pacific|
|Unit||Value (USD Million)|
|Key Companies Profiled||FUJITSU (Japan), M2SYS Technology, Hitachi (Japan), 3M Cogent, Inc., NEC Corporation (Japan), Matrix Security Solutions (India), IDLink System (Singapore), Safran (France) and IdentyTech Solutions America, LLC (United States)|
This growth is primarily driven by The increasing application of biometrics for better security purposes.
Globally, a noticeable market trend is evident Threats to national security and advancements in technology
. The Internet Software & Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as FUJITSU (Japan), M2SYS Technology, Hitachi (Japan), 3M Cogent, Inc., NEC Corporation (Japan), Matrix Security Solutions (India), IDLink System (Singapore), Safran (France) and IdentyTech Solutions America, LLC (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
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. In addition to providing a unified palm vein authentication office environment, this product features facial authentication, fingerprint authentication, and IC card authentication for PC logons, and is fully scalable to support use by anywhere from several people to organizations with tens of thousands of users. 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
June 2019 - Redrock Biometrics launched its identification solution, PalmID-X. It expands the applicability of biometric identification to multiple people, creating a basis for seamless services and transactions without physical tokens. It captures palm prints and/or subdermal veins to create unique palm signatures.
- The increasing application of biometrics for better security purposes
- Threats to national security and advancements in technology
- The Increasing Demand due to New product launches
- The lack of established international standards and vulnerability of a biometric system
Advancement in technology and The surge in usage in the Banking and Finance industry
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Palm Vein Biometrics Study Sheds Light on
The Palm Vein Biometrics Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Palm Vein Biometrics industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Palm Vein Biometrics industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.