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