Paris, Nov. 25, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global vein recognition system biometrics market is likely at US$ 1,024.4 million in 2022 and is expected to expand at a CAGR of 19.2% during the forecast years of 2022-2032. The market is expected to grow due to the surge in the adoption of technology across a wide range of functions.
The rising emergence of technology and usage of smart devices like the Internet of Things devices, connectivity requirements, and technological upgrades are skyrocketing. Recognition of biometrics plays an important role in the healthcare sector also.
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In order to identify each patient and their digital health record, healthcare companies are implementing distinctive biometric technologies like palm vein recognition. The American Health Information Management Association estimates that differences in the patient's first and last name account for 40% of discrepancies in duplicate medical data.
Duplicate medical records can cost up to $1,000 for each record, according to estimates. Demand for vein recognition biometrics is high, as it promotes patient security, reduces identity theft, increases revenue cycle effectiveness, and enhances the patient experience and happiness.
Thereby, the adoption of vein recognition biometrics in the healthcare sector is likely to increase as a result. In addition, owing to technological developments in the internet of things, there is a rise in demand for vein recognition system biometrics in order to minimize human error, and theft, and increase security.
Key Takeaways from Market Study
- The global vein recognition biometrics market is projected to grow 19.2% and reach US$ 5,977 million during the forecast period.
- The vein recognition biometrics market witnessed 17.2% CAGR between 2017 and 2021.
- With a market valuation of US$ 1,024.4 million in 2022, the vein recognition biometrics dominates the market.
- North America dominated the vein recognition biometrics market with 23.8% market share in 2021.
- East Asia is likely to represent 19.5% vein recognition biometrics market share in 2022.
- Based on region, the demand for vein recognition biometrics is expected to increase at CAGRs of 18.5% and 19.8%, respectively, in the United States and China between the years 2022-2032.
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Market Development
IdentyTech, NEC Corporation, M2SYS Technology, Mofiria, Futronic, Imprivata, IDEMIA, and other well-known industry participants are listed in the research, along with some other key companies. In order to increase their geographic reach and commercial operations, well-known manufacturers are always concentrating on product innovation and partnerships.
Strong authentication solutions are now more important than ever for the commercial and residential sectors due to rapid digitization and the ongoing need to adopt stronger identification protocols to stop fraud and identity theft. The vein recognition biometrics market is predicted to grow as a result of this technical advancement.
Competitive Landscape
All the industry leaders in technology are making their own strategies to stand out from other competitors in the vein recognition biometrics market. The brands like Dormakaba Holdings, Fujitsu, Futronic, Hitachi Ltd, Honeywell Security, IDEMIA, IdentyTech, Imprivata, Johnson Controls, M2SYS Technology, Mofiria, and other leading players have started manufacturing the vein recognition system biometrics to meet the consumer preference. The advanced features involved in vein recognition biometrics are gaining traction in the market.
Fact.MR has provided detailed information about the price points of key manufacturers of vein recognition biometricspositioned across regions, sales growth, installed base, and speculative technological expansion, in the recently published report.
Key Companies Profiled
- Dormakaba Holdings
- Fujitsu
- Futronic
- Hitachi Ltd.
- Honeywell Security
- IDEMIA
- IdentyTech
- Imprivata
- Johnson Controls
- M2SYS Technology
- Mofiria
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Segmentation of Vein Recognition Biometrics Industry Research
- By Technology:
- Finger Vein Pattern Recognition
- Palm Vein Pattern Recognition
- Retina Vein Pattern Recognition
- By Solution:
- Hardware
- Software
- Services
- By Sector:
- BFSI
- Healthcare
- Manufacturing
- Services, Communication & Media
- Retail & Other Corporate
- Transportation & Utilities
- Institutions
- Residential
- Law Enforcement Offices
- By Region:
- North Americas
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global vein recognition system biometrics market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Technology (Finger Vein Pattern Recognition, Palm Vein Pattern Recognition, Retina Vein Pattern Recognition), Solution (Hardware, Software, Services), Sector (BFSI, Healthcare, Manufacturing, Services, Communication & Media, Retail & Other Corporate, Transportation & Utilities, Institutions, Residential, Law Enforcement Offices) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
Explore Fact.MR’s Coverage on the Technology Domain
Behavioural Biometrics Market - The global market for behavioural biometrics reached a valuation of around US$ 1.5 Bn in 2020, and is slated to accelerate at a stupendous CAGR of 20% to top US$ 9 Bn by 2031, as per latest industry analysis published by Fact.MR. The behavioural biometrics software is set to be worth over US$ 6 Bn in the next ten years. As per Fact.MR, a market research and competitive intelligence provider, the global behavioural biometrics market thrived at a CAGR of over 9% from 2016 to 2020 to be worth US$ 1.5 Bn.
Contactless Biometrics Market - The global contactless biometrics market is estimated at USD 17.1 Billion in 2022 and is forecast to reach USD 78.6 Billion by 2032, growing at a CAGR of 16.4% during 2022-2032. The growing demand for end – to – end solutions has created the need for integration of different software and middleware services. Accounted to the above-mentioned trend, market valuation for the contactless biometric market is estimated to account around ~43% of the global biometrics market by 2022 end.
IRIS Biometrics Market: As consumers are now more than ever regarding the security concerns while using the online platforms, demand for IRIS biometrics systems is expected burgeon across the globe. Growing dependency on digital technologies and automation will drive the adoption of these systems in diverse industries. As per the study, the BFSI sector is expected to be the most lucrative segment in the market.
Biometric Middleware Market: The global biometric middleware market is expected to benefit from rising need for reliable and secure solutions. Sales in the market are projected to grow at a robust pace over the forecast period on the back of increasing application in defense, healthcare, and defense sectors. As per the study, the software segment is predicted to generate maximum revenues in the global biometric middleware market.
Biometric Authentication Solution Market - The widespread deployment of biometric authentication solutions and technologies for information and physical access security is fuelling the growth of biometric authentication solution market. In addition, with the exponential increase in the number of users switching to mobile banking, various organizations are adopting biometric authentication solutions as security measures. Due to these factors, the demand for biometric authentication solution is expected to increase rapidly in the near future.
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
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