Vein Recognition Biometrics in BFSI Sector to Witness Robust Growth
Growing incidences of data breach and theft are raising concerns regarding security measures specifically in the finance industry. Therefore, vein recognition biometrics are a suitable and reliable solution as they are used for security purposes in the BFSI sector to protect customers from data theft and identity theft. Banks and financial institutions in developing countries, such as India, China, Argentina, Mexico, Brazil, and South Africa are adopting vein recognition biometrics for verifying customer’s identities.
Vein recognition biometrics are relatively more efficient and accurate than the other types of biometric systems and exhibit lower False Acceptance Rate (FAR) and False Rejection Rate (FRR) which is a vital reason behind a surge in the demand for these systems.
Banking, Financial Services and Insurance (BFSI) sector is estimated to create an absolute dollar opportunity worth US$ 704 Mn and is foreseen to cross the US$ 800 Mn mark by the end of the forecast period. The healthcare sector is predicted to grow around 2X times faster than the manufacturing sector and is expected to capture a market share of 9% by the end of the forecast period.
Finger Vein Recognition Biometrics to Account for Major Chunk of Market Share
Finger vein recognition is a physiological biometric used for analyzing individuals based on their physical characteristics and attributes of vein patterns. The finger vein recognition has higher accuracy as compared to other identification biometrics because vein images remain unchanged despite aging, and are difficult to forge.
The finger vein recognition segment is expected to cross US$ 600 Mn mark by the end of the decade by contributing over 60% in the overall value opportunity. On the other hand, palm vein recognition is estimated to create an absolute dollar opportunity worth US$ 522 Mn and is anticipated to grow at a CAGR of 21.7% during the forecast period.
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East Asia to Occupy One-Third of Global Vein Recognition Biometrics Revenue
East Asia is foreseen to hold the major share of the global vein recognition biometrics market during the forecast period. Increasing adoption of vein recognition biometrics technology in countries such as China and Japan to avoid crimes such as thefts and burglaries are increasing spending on developing firewalls, encryption and secure access devices.
This is expected to contribute to the growth of vein recognition biometrics market in this region. For instance, Bank of China in Hong Kong is planning to bring finger vein recognition to all the bank ATM, as finger vein recognition has high accuracy and it cannot be forged. Adoption of finger vein recognition will increase demand during the forecast period
East Asia is estimated to create an absolute dollar opportunity worth US$ 328 Mn, throughout the forecast duration. Besides, Europe vein recognition biometrics market is estimated to account for 2/5th of the overall absolute dollar opportunity created in the global market by the 2029 end.
Europe is projected to be the fastest-growing region during the forecast period, as more than half of the customers are willing to switch their accounts to financial institutions that offer authentication biometrics services.
Partnership & Product Innovations to Enhance Market Resiliency
Industry leaders are continuously focusing on new launches of enhanced vein recognition biometrics with more reliability and accuracy. The partnership will help the industry leaders to expand their business operations and also develop innovative solutions in the vein recognition biometrics market. For instance,
- In January 2020, Hitachi Ltd partnered with customer identity and access management solutions provider Ubisecure for making hand gesture technology using finger vein recognition within Ubisecure's identity-as-a-Service (IDaaS)
- In November 2019, Hitachi Ltd launched a finger vein scanner for the leader in the banking sector, Barclays. Newly developed finger vein scanner is portable and compact enough to help customers access their banking facilities easily and securely in minimum time
- In May 2018, Imprivata formed a partnership with Vecna, a provider of patient self-service solutions to integrate its palm vein recognition system to Vecna’s sites for automated patient check-in authentication
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Global Vein Recognition Biometrics Market: Segmentation
A segmentation table of the global vein recognition biometrics market has been provided below on the basis of technology, sector, solution and region.
- Finger Vein Recognition
- Palm Vein Recognition
- Eye Vein Recognition
- Services, Retail & Other Corporate
- Transportation & Utilities
- North America
- Latin America
- East Asia
- South East Asia
- Middle East and Africa
Global Vein Recognition Biometrics Market – Scope Of The Report
The vein recognition biometrics market is anticipated to observe a significant growth in the forecast period of 2019 to 2029, according to the Fact.MR study. The study propounds key trends that are currently shaping the growth of the vein recognition biometrics market.
This newly published and insightful report sheds light on the key dynamics, which are expected to transform the future of the vein recognition biometrics market. This, in turn, is creating flourishing avenues for prominent companies as well as emerging players associated with the manufacturing of vein recognition biometrics.
The vein recognition biometrics market study is a sinuous market intelligence on the key drivers, challenges, industry trends and opportunities, which is likely to influence the growth trajectory of the vein recognition biometrics market.
The report initially imparts an overview of the vein recognition biometrics market, considering current and future prospects in growth, to unveil attractive facets pertaining to the adoption of vein recognition biometrics across key regional markets.
An in-depth assessment of a few of the vein recognition biometrics manufacturers offered in the report enables the report readers to gain detailed insights that are derived from vein recognition biometrics manufacturers across regional markets. A list of key companies operating in the vein recognition biometrics market provided in the report adds to the credibility of this exhaustive research study.
Global Vein Recognition Biometrics Market: Opportunity Analysis
The report offers a detailed study of different factors influencing demand, sales, and revenue generation in the vein recognition biometrics market around the world. The opportunity analysis included in the report is beneficial for readers to better understand opportunities in the vein recognition biometrics industry, which in turn, is likely to trigger the adoption of vein recognition biometrics. An elaborated cost structure analysis provides the report with innate completeness, and analysis offered on the cost structure involves all the regional markets incorporated.
A detailed forecast on the global vein recognition biometrics market has also been offered by experts, who have categorized market forecasts into a likely scenario, a conservative scenario, and an optimistic scenario regarding adoption and involvement of the global market during the forecast period.
Analysis and assessment of price point by region has also been included in this study. The study also exerts details on aspects impacting strategies of manufacturers within the global vein recognition biometrics market.
Global Vein Recognition Biometrics Market: Analysis on Market Size Evaluation
Market valuation at the global and regional scale for the global vein recognition biometrics market is offered in terms of “US$ Bn.” A Y-o-Y growth comparison on the key vein recognition biometrics market segments, along with the market attractiveness assessment quantifies insights delivered in the report. Metrics mentioned above are also tracked based on consumption across several regions where vein recognition biometrics is witnessing a growing demand.
Global Vein Recognition Biometrics Market: Scrutinized Assessment on Regional Segments
Weighted chapters have been included in the report on the global vein recognition biometrics market, which imparts a forecast on the regional markets recognizing the regional macros (business, economic and political environment outlook), which are expected to have an impact on the growth on the global vein recognition biometrics market in the near future.
Country-specific assessment on the demand for vein recognition biometrics has also been provided for each regional market, along with the market size valuation, price point assessment, price index, and impact analysis of key regional and country-wise dynamics. Y-o-Y growth projections have also been offered on all regional markets that are incorporated in the report.
Global Vein Recognition Biometrics Market: In-depth Analysis on Competitive Landscape
The report concludes with a weighted chapter on the competition landscape considering up-to-date and essential developments related to market players, who are predominantly engaging in the production and distribution of vein recognition biometrics, along with the company’s strategies, identification, and analysis. Market share comparison and analysis of these market players offered in the report enables readers to devise strategies for their businesses.
The intensity mapping of the market players operating in the global vein recognition biometrics market provides readers with actionable intelligence, which helps in understanding the current market status and prospects determining the competition levels in the global vein recognition biometrics market.
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