What is Palm Vein Biometrics Market Scope?
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.
The Palm Vein Biometrics market study is being classified by Type (Hardware and Software and Solution), by Application (Banking & Finance, Consumer Electronics, Home Security, Commercial Security, Healthcare, Transportation and Others) and major geographies with country level break-up. According to AMA, the Global Palm Vein Biometrics market is expected to see growth rate of 24.5%
The palm vein biometrics market is competitive and consists of several major players. Many companies are increasing their market presence by introducing new products, expanding their operations, or by entering into strategic mergers and acquisitions. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Palm Vein Biometrics market throughout the predicted period.
FUJITSU (Japan), M2SYS Technology (United States), Hitachi (Japan), 3M Cogent, Inc. (United States), NEC Corporation (Japan), Matrix Security Solutions (India), IDLink System (Singapore), Safran (France) and IdentyTech Solutions America, LLC (United States) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Palm Vein Biometrics market by Type, Application and Region.
On the basis of geography, the market of Palm Vein Biometrics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
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.
Influencing Market Trend
- Threats to national security and advancements in technology
- The Increasing Demand due to New product launches
- The increasing application of biometrics for better security purposes
- Advancement in technology
- The surge in usage in the Banking and Finance industry
- The lack of established international standards and vulnerability of a biometric system
- The global palm vein biometric market is highly competitive in nature
Key Target AudienceService Providers, Wholesalers, Distributors, and Retailers of Superfoods, Governmental Bodies, Research Firms and Others
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. At what growth rate would the Palm Vein Biometrics market expands?
The Global Palm Vein Biometrics market is expected to see a growth of 24.5% during projected year 2020 to 2026.
2. Who are the prominent players of the Global Palm Vein Biometrics market?
The prominent players of Global Palm Vein Biometrics market are FUJITSU (Japan), M2SYS Technology (United States), Hitachi (Japan), 3M Cogent, Inc. (United States), NEC Corporation (Japan), Matrix Security Solutions (India), IDLink System (Singapore), Safran (France) and IdentyTech Solutions America, LLC (United States), to name a few.
3. What are the top priorities to focus for Palm Vein Biometrics market’s growth?
In this highly competitive & fast evolving Palm Vein Biometrics industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.