Global Palm Vein Biometrics Market to Rise at 22.46% from 2016 to 2020, Need for Foolproof Data Security Drives Growth


Published Date : Jun 07, 2016

ALBANY, NY, June 07, 2016: Data security and the need to safeguard assets is a key concern for businesses as well as for individuals. From traditionally used means such as keys and identity badges to digital numeric codes, technology has revolutionized data security to a great extent over the last two decades.

MarketResearchReports.biz’s new report, titled “Global Palm Vein Biometrics Market 2016-2020,” discusses how contactless technology is the next big trend in data security practices. According to the report, the global palm vein biometrics market will rise at a CAGR of 22.46% from 2016 to 2020. The report presents the competitive landscape and growth trends in palm vein recognition technology across North America, Europe, the Middle East and Africa, APAC, and South America for the aforementioned forecast period.

The report is an important tool for market players to benefit from. It provides market size estimates until the end of 2020, which players can use to gauge the progression of this market.

Palm vein recognition overcomes the loopholes of its predecessor technologies to a large extent. Prior to palm vein recognition technology, two-way authentication was largely used for ensuing the security of data and assets. It required individuals to authenticate their identity twice using numeric codes on hardware devices before gaining access to secure premises. However, it could not be safeguarded from hackers’ attempts to access the hardware devices and crack the numeric codes, thereby increasing security risks.

Palm vein recognition is a contactless technology that offers a high level of security for high-value assets. It involves comparing the palm vein scan saved in the database with a real-time image of palm veins of an individual. Owing to its high reliability and negligible chances of fraud, palm vein recognition technology is used by organizations in areas such as utilities, transportation, government, and payment card. It serves as a failsafe method for the identification and authentication of individuals to prevent fraudulent activities.

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The report states reasons for the development of the palm vein biometrics market. The availability of cost-effective and user-friendly security solutions is the primary factor driving this market. Palm vein biometrics is easy to use for subscribers and the price of the technology is reasonable. However, privacy issues with biometric data are detrimental to the market’s growth. Information that is stored in the biometric scanner is susceptible to hacking.

Nevertheless, the emergence of multi-factor authentication will take palm vein biometrics to new heights, adds the report.

The top vendors that have a presence in the global palm vein biometrics market are BioEnable, M2SYS, Fujitsu, and Tyco. Some other prominent vendors in this market are IdentyTech Solutions, Imprivata, Matrix Security Solutions, iDLink Systems, and Mantra Softech.

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