Vein Recognition Biometrics Market Investigation Reveals Enhanced Growth during 2019 to 2029

The global vein recognition biometrics market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth. With SWOT analysis, the business study highlights the strengths, weaknesses, opportunities and threats of each vein recognition biometrics market player in a comprehensive way. Further, the vein recognition biometrics market report emphasizes the adoption pattern of the vein recognition biometrics across various industries. The vein recognition biometrics market analysis report highlights the following players:

• TUV Rheinland
• ATS Engineering
• Burns & McDonnell
• Johnson, Mirmiran & Thompson
• Others

The vein recognition biometrics market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.

Healthcare organizations are installing unique biometric solutions such as palm vein recognition, which is used to recognize each patient as per their digital health record. According to the American Health Information Management Association, 40% of duplicate medical records have discrepancies caused by inconsistencies in patient’s first and last name. The average estimated costs associated with duplicate medical records can be US$ 1,000 per record.

Thus, vein recognition biometrics enhance patient safety, decrease patient identity theft data, increase revenue cycle efficiency, and improve patient experience, and satisfaction. These factors are projected to boost demand for vein recognition biometrics in the healthcare industry. The newest report by Fact.MR estimates that the vein recognition biometrics market will witness a fourfold growth to reach a valuation of US$ 1.2 Bn by the end of 2029. Rapid digitalization combined with the continued need to adopt stricter identification protocols to prevent identity theft and fraud has increased necessity of strong authentication solutions for the commercial and residential sectors. Technological developments such as this are foreseen to propel vein recognition biometrics market.

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Find More Valuable Insights on Vein Recognition Biometrics Market

Fact.MR, in its new offering, brings to fore an unbiased analysis of the global vein recognition biometrics market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the vein recognition biometrics market based on technology (finger vein recognition, palm vein recognition and eye vein recognition), sector (BFSI, healthcare, manufacturing, services, retail & other corporate, transportation & utilities, and others), and solution (hardware, software and services) across four major regions.

Competition Landscape to Heat Up with Well-timed Partnerships

The report reveals some of the prominent market players, including Fujitsu Ltd, Hitachi Ltd, IdentyTech, NEC Corporation, M2SYS Technology, Mofiria, Futronic, Imprivata, IDEMIA and others. Prominent manufacturers are continuously focusing on product innovation and partnerships in order to expand their geographic presence and business operations. For instance,

• In August 2019, Hitachi Europe Ltd – a fully owned subsidiary of Hitachi Ltd formed a partnership with IT security distributor Alpha Generation. The partnership will be focusing on developing innovative solutions using Hitachi’s finger vein technology
• In November 2019, Fujitsu launched sales of the “FUJITSU Security Solution AuthConductor V2” which uses various authentication methods, including palm vein authentication, to deliver comprehensive biometric authentication support for customers

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The vein recognition biometrics market report offers a plethora of insights which include:

• Changing consumption pattern among individuals globally.
• Historical and future progress of the global vein recognition biometrics market.
• Region-wise and country-wise segmentation of the vein recognition biometrics market to understand the revenue, and growth lookout in these areas.
• Accurate Year-on-Year growth of the global vein recognition biometrics market.
• Important trends, including proprietary technologies, ecological conservation, and globalization affecting the global vein recognition biometrics market.

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