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.
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
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