Global vein recognition biometrics market is set to represent a billion-dollar industry by 2029 end. Need for stringent identification protocols and rapid digitization is necessitating the utilization of vein recognition biometrics. Both residential and commercial sectors are adopting vein recognition biometrics for enhanced security measures. Moreover, it eliminates the discrepancies present in duplicate medical records of patients.
“Growing concerns among consumers regarding data breach incidences is accentuating the need for a reliable security solution. Hence, manufacturers have launched vein recognition biometrics which is projected to pick up pace during the forecast period. The Banking, Financial Services and Insurance (BFSI) sector in particular, is witnessing increasing adoption of vein recognition biometrics,” states the Fact.MR report.
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Vein Recognition Biometrics Market: Key Takeaways
- Finger vein recognition biometrics account for approximately 51% share in overall market stack.
- The hardware segment is projected to witness double-digit growth through 2029.
- The BFSI sector will create profitable opportunities for vein recognition biometrics manufacturers.
- East Asia occupies over 39% share in global vein recognition biometrics market.
Key Driving Factors
- Improved patient experience in healthcare industry is fuelling the growth of vein recognition biometrics market.
- Rising prevalence of identity theft is augmenting the demand for vein recognition biometrics in an increasingly digitized world.
- Lower False Rejection Rate (FRR) and False Acceptance Rate (FAR) of vein recognition biometrics are fuelling the demand.
- The widespread adoption of vein recognition biometrics in financial institutions is propelling the market growth in Europe.
Key Constraints
- The image quality can be adversely affected due to external environment such as ambience light, thereby hindering market growth.
- In certain individuals, the vein pattern could alter over their lifetime unlike hand geometry. This factor is stagnating the long-term growth of market.
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Competitive Landscape
Industry leaders featured in this Fact.MR study include, but are not limited to, Imprivata, Futronic, M2SYS Technology, Fujitsu Ltd., IDEMIA, NEC Corporation, Hitachi Ltd., Mofiria, and IdentyTech. Partnerships and product innovation continue to be prioritized by prominent manufacturers. These key developmental strategies are essential for expanding operational footprint along with geographic presence of companies. For instance, Hitachi Europe Ltd. announced partnership with Alpha Generation (2019) aimed at innovating vein recognition biometrics technology.
About the Report
This 170-page study offers readers with comprehensive market forecast on the vein recognition biometrics market. Global, regional and country level analysis of the latest industry trends impacting the vein recognition biometrics market are covered in this Fact.MR study. The report offers compelling insights on vein recognition biometrics market on the basis of technology (finger vein recognition, palm vein recognition, and eye vein recognition), sector (BFSI, healthcare, manufacturing, services, retail, transportation & utilities), solution (hardware, software, and services), across seven regions (North America, Latin America, Europe, East Asia, South East Asia, Oceania, Middle East & Africa).
Press Release: https://www.factmr.com/media-release/1311/global-vein-recognition-biometrics-market