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Global Palm Vein Biometrics Market 2016-2020

About Palm Vein Biometrics

Security of data and assets is a key concern for enterprises, banks, government organizations, telecommunication, and hospitals as well as for individuals. Keys, identity badges, and numeric keypads have been used traditionally to prevent unauthorized access. With technological advances, two-factor authentication was introduced, where individuals gain access to secure premises after they are authenticated twice on the basis of hardware devices and numeric codes. However, it was easy for hackers to gain access to hardware devices and obtaining numeric codes, which increased security risks.

Palm vein recognition is a contactless technology that compares the palm vein scan stored in the database with the image of palm veins of an individual captured at that instant. This technology is being used by organizations in sectors such as BFSI, transportation, utilities, government, and payment card for identification and authentication of individuals to deter fraudulent activities.

Technavio’s analysts forecast the global palm vein biometrics market to grow at a CAGR of 22.46% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global palm vein biometrics market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of palm vein biometric systems.

The market is divided into the following segments based on geography:

  • North America
  • APAC
  • Europe
  • South America
  • MEA
Technavio's report, Global Palm Vein Biometrics Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • BioEnable
  • Fujitsu
  • M2SYS
  • Tyco
Other prominent vendors
  • IdentyTech Solutions
  • iDLink Systems
  • Imprivata
  • Mantra Softech
  • Matrix Security Solutions
Market driver
  • Availability of cost-effective and user-friendly security solutions
  • For a full, detailed list, view our report
Market challenge
  • Privacy issues with biometric data
  • For a full, detailed list, view our report
Market trend
  • Emergence of multi-factor authentication
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2020 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Global Palm Vein Biometrics Market 2016-2020

Technavio recognizes the following companies as the key players in the Global Palm Vein Biometrics Market: BioEnable, Fujitsu, M2SYS, and Tyco.

Other Prominent Vendors in the market are: IdentyTech Solutions, iDLink Systems, Imprivata, Mantra Softech, and Matrix Security Solutions.

Commenting on the report, an analyst from Technavio’s team said: “Multi-factor authentication is a verification technique that uses two or more different authentication methods such as PINs, one-time passwords, and biometrics. Multi-factor authentication acts as an additional security layer and makes it difficult for an unauthorized person to access a database, physical location, or computing device. Multi-factor authentication solutions incorporate the use of different biometric technologies to authenticate payment transactions on mobile devices such as smartphones, tablets, and laptops.”

According to the report, a number of construction and manufacturing utilities are likely to adopt palm vein recognition technology due to its user-friendliness. Any cuts, bruises, or dust on the hands of a worker might prevent him from gaining access to secure premises using fingerprint recognition technology. Palm vein recognition technology does not have this problem.

Further, the report states that privacy issues with biometric data hinders the market growth.

Companies Mentioned

BioEnable, Fujitsu, M2SYS, Tyco, IdentyTech Solutions, iDLink Systems, Imprivata, Mantra Softech, Matrix Security Solutions.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
  • Market description
    • Workflow of palm vein biometric systems
      • Table Workflow of palm vein biometric systems
    • Advantages and disadvantages of palm vein biometrics
    • Applications of palm vein biometrics
  • Market landscape
    • Market overview
      • Table Global palm vein biometrics market
    • Palm vein recognition technology in global biometrics market
      • Table Palm vein recognition technology in global biometrics market 2015 and 2020 (% share)
    • Global palm vein biometrics market
      • Table Global palm vein biometrics market 2015-2020 ($ millions)
  • Life cycle analysis
    • Table Life cycle analysis
  • Market opportunities and developments
    • Emergence of mobile biometrics
    • Internet of Things (IoT)
    • Contactless payments
  • Market segmentation by end-user
    • Segmentation of global palm vein biometrics market by end-user
      • Table Segmentation of global palm vein biometrics market by end-user 2015-2020 (% share)
    • Global palm vein biometrics market by BFSI sector
      • Table Global palm vein biometrics market by BFSI sector 2015-2020 ($ millions)
    • Global palm vein biometrics market by education sector
      • Table Global palm vein biometrics market by education sector 2015-2020 ($ millions)
    • Global palm vein biometrics market by healthcare sector
      • Table Global palm vein biometrics market by healthcare sector 2015-2020 ($ millions)
  • Geographical segmentation
    • Segmentation of global palm vein biometrics market by region
      • Table Segmentation of global palm vein biometrics market by region 2015-2020 (% share)
      • Table Segmentation of global palm vein biometrics market by region 2015-2020 ($ millions)
    • Leading and emerging countries
      • Table Palm vein recognition market comparison of leading regions 2015-2020 ($ millions)
      • Table Palm vein recognition market comparison of emerging regions 2015-2020 ($ millions)
  • Buying criteria
    • Table Buying criteria
  • Value chain
    • Table Value chain
  • Market trends
    • Growing adoption of multimodal biometrics
    • Emergence of multi-factor authentication
    • Emergence of SSO
    • Emergence of palm vein biometrics in different sectors
  • Market challenges
    • Privacy issues with biometric data
    • Vulnerability of biometric systems
    • Lack of established international standards
    • High TCO
  • Five forces model
    • Table Five forces analysis
  • Vendor landscape
    • Competitive scenario
    • Product offerings
      • Table Product offerings
    • Vendor description
    • BioEnable
    • Fujitsu
    • M2SYS
    • Tyco
    • Vendor matrix
      • Table Vendor matrix
    • Competitive rating
      • Table Competitive rating
    • Partnerships
      • Table Partnerships
    • Other prominent vendors
      • Table Other prominent vendors
  • Appendix
    • List of abbreviations
  • Explore Technavio

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