New York, NY -- (SBWire) -- 11/05/2018 --Vein Recognition Biometrics Market: Introduction
Vein recognition biometrics is used for high risk deployments generally where space is not an issue. They are most commonly used in banks for physical access control. But, like all biometric systems, advancement in technology and innovations in design and manufacturing have broaden the application areas for vein recognition biometrics.
Because of the sub-dermal nature of veins, vein recognition biometrics are considered as the most secure form of biometrics. Whereas other types of biometrics, particularly where the duplicate hardware or low grade hardware is used, have proven to have vulnerable risks, the vein patterns are virtually difficult to spoof, especially considering that some vein readers used in vein recognition biometrics require scanned veins to have blood flowing through them.
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The palm vein technology is mostly used in the vein recognition biometrics. The working of the palm vein biometric is based on equating and validating the stored vein pattern in the database with the vein pattern present in the palm of a person.
Vein Recognition Biometrics Market: Drivers and Challenges
The upcoming 2020 Tokyo Olympics is expected to contribute to the growth of the vein recognition biometrics market. The tourists visiting the event will pay for everything with the help of biometrics, which will involve vein scanning with the help of vein recognition biometrics. This is expected to drive the demand for vein recognition biometrics.
Besides, some of the vascular recognition-based payment systems are still in the development process, they are expected to enable point-of-sale retail transactions to be conducted with the scan of the veins of the fingers. Some of the other innovative technologies such as eye-vein scanning are being integrated with the smartphones. All these factors are expected to contribute to the growth of the vein recognition biometrics market over the forecast period.
However, privacy issues regarding individual data is a major factor expected to hamper the growth of the vein recognition biometrics market. Use of the similar database for managing employee entry and exit as well as making payments could lead to frauds in the BFSI verticals, which is the other factor expected to hamper the adoption of vein recognition biometrics.
Vein Recognition Biometrics Market: Key Participants
Examples of some of the key participants in the global vein recognition biometrics market identified across the value chain include Fujitsu, M2SYS Technology, Hitachi, 3M Cogent, Inc., NEC Corporation, Matrix Security Solutions, IDLink System, Safran, IdentyTech Solutions America, LLC , Tyco, PalmSure, Mofiria, Matrix Security Solutions, Mantra Softech, IdentyTech Solutions, and BioEnable, among others.
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Vein Recognition Biometrics Market: Regional Overview
On the basis of geography, the global vein recognition biometrics market can be segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and the Middle East & Africa. Among all these regions, North America is expected to hold a major share of the global vein recognition biometrics market during the forecast period, due to large presence of established manufacturers in the region as well as increased spending on the development of software technologies.
Asia Pacific excluding Japan is expected to be the fast-growing regional market during the forecast period, due to increasing adoption of vein recognition biometrics technology in developing countries such as Greater China and India. Besides, increasing number of manufacturing companies in the region is also expected to contribute to the growth of vein recognition biometrics market in Asia Pacific excluding Japan.
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Vein Recognition Biometrics Market to Witness Increase in Revenues by 2018 to 2028