Finger Vein Recognition Biometrics Are Projected To Expand 5X By 2029

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.

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.

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Key Takeaways of Global Vein Recognition Biometrics Market

• Finger vein recognition biometrics are projected to expand 5X as compared to 2019 and account for around 51% of the overall value opportunity in the global market by 2029 end. The demand for finger vein recognition biometrics increases due to cost-effectiveness and accuracy as compared to other biometrics solutions.
• The BFSI segment is expected to create an absolute dollar opportunity of US$ 704 Mn during the forecast period. Owing to rising concerns of data breach and theft, the demand of vein recognition biometrics are expected to surge during the forecast period
• East Asia will remain the prominent region across the forecast period, accounting for more than 39% share in the global market, as countries in this region are focusing on increasing adoption of vein recognition biometrics to avoid thefts and burglaries
• The hardware segment is estimated to create an absolute dollar opportunity value US$ 559 Mn and is expected to grow at a staggering CAGR of 17.8% during the forecast period

“Rising need for authentication solutions and the increasing deployment of vein recognition biometrics is expected to provide new growth outlook in the market”says the Fact.MR analyst

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Competition Landscape to Heat Up with Well-timed Partnerships

• 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

Key players analyzed in the vein recognition biometrics market study:

• American Rail Engineers Group
• WSP Global
• Modjeski And Masters Inc
• GHD Pty Ltd
• CEC Corporation
• Patriot Rail Company

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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.

Technology

• Finger Vein Recognition
• Palm Vein Recognition
• Eye Vein Recognition

Sector

• BFSI
• Healthcare
• Manufacturing
• Services, Retail & Other Corporate
• Transportation & Utilities
• Others

Solution

• Hardware
• Software
• Services

Region

• North America
• Latin America
• Europe
• East Asia
• South East Asia
• Oceania
• Middle East and Africa

Key Questions in Vein recognition biometrics Market Research Report:

1. What are the current scenarios and key trends in Vein recognition biometrics Market Industry?
2. What key strategies are companies adopting to grow their consumer base?
3. What are the key categories and future potential of Vein recognition biometrics Market?
4. What are the key Vein recognition biometrics Market drivers and what are their projected impacts in the short, medium and long term?
5. What is the size of the Vein recognition biometrics Market and what are the opportunities for the key player?

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