Technavio Expects the Global Palm Vein Biometrics Market to Exceed USD 1 Billion by 2020

According to the latest market research study released by Technavio, the global palm vein biometrics market is expected to exceed USD 1 billion by 2020, growing at a CAGR of over 22% during the forecast period.

This research report titled ‘Global Palm Vein Biometrics Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.

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The report segments the global palm vein biometrics market by end-user and can be divided into four broad segments of which the top three are as follows:

  • BFSI sector
  • Education sector
  • Healthcare sector

Global palm vein biometrics market by BFSI sector

The global palm vein biometrics market in the BFSI sector is likely to reach USD 678 million by 2020, growing at a CAGR of almost 22%.

With an increase in the level of security breaches and transaction fraud, the need for highly secure verification and identification systems has increased, especially in the BFSI sector. A number of global banks and financial institutions have integrated biometrics technologies such as palm vein recognition technology with access control systems in mobile applications that are being used on mobile devices such as smartphones to provide customers with secure access to online accounts.

For instance, BioEnable provides palm vein recognition technology embedded in ATMs to ensure only authorized individuals get access to secure and confidential payment transactions.

The Bank of Tokyo-Mitsubishi, a leading commercial bank in Japan, has implemented the use of Fujitsu's palm vein biometric system to provide a cost-effective and secure solution to its customers.

Fujitsu is expected to launch its portable palm vein authentication sensor that can be used as a USB device. This is expected to increase the adoption of portable palm vein authentication sensors, which will fuel the market growth further.

Global palm vein biometrics market by education sector

The global palm vein biometrics market in the education sector is likely to exceed USD 245 million by 2020, growing at a CAGR of over 25%.

Instances of criminal activities in the past have made governments aware of the need for security technologies such as palm vein recognition to authenticate individuals. The adoption of palm vein recognition is increasing in the education sector for purposes such as logging into different online examination portals. Palm vein recognition provides a high level of accuracy and reliability to educational institutions. According to Amrita Choudhury, lead analyst at Technavio for automatic identification system research, “The user-friendliness of palm vein recognition has increased its adoption in schools. Palm vein recognition is highly reliable, which makes it ideal for use in highly secure premises of educational organizations.”

When students use palm vein recognition to verify themselves for borrowing books from libraries, for cashless vending, and for transportation services provided by the school, it eliminates the need for them to carry ID cards or remember passwords at all times.

Applying palm vein recognition to staff is useful as a way to track their punctuality and attendance in school and eliminate chances of buddy punching.

Global palm vein biometrics market by healthcare sector

The global palm vein biometrics market in the healthcare sector is likely to reach USD 185 million by 2020, growing at a CAGR of almost 28%.

One of the major reasons for the growth of market revenue is the implementation of stringent regulations such as the Health Insurance Portability and Accountability Act for maintaining patient privacy.

A number of healthcare organizations are shifting toward palm vein biometric systems to track punctuality and attendance of employees. In addition, the integration of palm vein recognition technology in mobile devices, is likely to be adopted by a number of doctors, as it provides them remote access to patient records. The technology helps in maintaining the privacy of electronic health records and offers a way to authenticate both patients and service providers. As the technology is accurate and user friendly, its adoption in healthcare organizations is expected to be high.

The government of Turkey has implemented the use of Fujitsu's palm vein recognition for its healthcare organizations mainly for the authentication of an insured individual to make use of insurance coverage.

According to Amrita, “Contactless palm vein authentication, is considered to be secure, hygienic, and non-intrusive, and is likely to be adopted at a high rate in the healthcare sector.”

Technavio’s ICT analysts highlight the following four vendors as the top contributors to the global palm vein biometrics market:

  • BioEnable
  • Fujitsu
  • M2SYS
  • Tyco

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Technavio Research
Jesse Maida
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UK: +44 208 123 1770
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