Global Palm Vein Biometrics Market 2016-2020

Overview of the global palm vein biometrics market

Palm vein recognition is a contactless, biometric authentication technology that compares the palm vein scan stored in the database with the image of palm veins of an individual captured at that instant. With the emergence of mobile biometrics, the market for palm vein biometrics has a positive outlook over the forecast period. The increasing adoption of mobile devices across various sectors including healthcare, government, enterprises, BFSI, and transportation is prompting the introduction of palm vein recognition for securing access to data on mobile devices. Furthermore, mobile biometrics can be used to identify individuals at locations such as schools, banking stations, prisons, patrol cars, and battlefield to provide them authorized access to services. In additional, palm vein recognition is envisaged to be adopted in mobile devices for access control and for gaining access to payment transactions. Therefore,it can be estimated that the increasing adoption of palm vein recognition in mobile biometrics will aid in the strong growth of this market in the coming years. Technavio’s market research analysts have predicted the global palm vein biometrics market to grow stupendously at a CAGR of more than 22% until the end of 2020.

In this market research report, the analysts have estimated factors such as the emergence of palm vein recognition across the hospitality sector, oil and gas industries, and automobile sectors to contribute to the growth of this market over the predicted period. Palm vein recognition is likely to be adopted in the hospitality sector for securing guests and employees. Instead of carrying keys or cards or memorizing passwords, guests and employees can use palm vein recognition technology for identification, verification, and authentication purposes. Similarly, a number of oil and gas utilities, such as Bharat Petroleum Corporation Limited in India, are using palm vein recognition technology to keep track of employees and provide secure and authorized access to them. Moreover, palm vein recognition technology is envisaged to be used in automobiles for gaining secure access to cars, ignition permission, and anti-theft programs.

Segmentation by end user and analysis of the palm vein biometrics market

• Healthcare
• Education
• BFSI