The global palm vein biometrics market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing incidences of security breaches and transaction fraud and rising need for secure verification and identification systems are major factors expected to drive growth of the global market over the forecast period. Increasing technological advancements are expected to create revenue opportunities for players operating in this market.
The global palm vein biometrics market report has been segmented on the basis of product, application, and region. On the basis of product, the target market is segmented into hardware and software and services. On the basis of application, the target market is segmented into banking and finance sector, healthcare, home security, commercial security, consumer electronics, education sector, gaming, transportation, and government sectors. The banking and finance sector application segment is expected to register significant share in terms of revenue over the forecast period, owing to increasing adoption of various applications such as physical access control, branch banking, ATMs, logical access control, mobile banking, kiosks, and safe deposit locker.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to technological advancements and government initiative for nations safety in various countries in this region. The market in Asia Pacific is expected to register significant share in terms of revenue, owing to rising awareness of biometric security systems in various countries in the region.
Key players operating in the global palm vein biometrics market include Fujitsu Limited, M2SYS LLC, Hitachi, Ltd., NEC Corporation, 3M Cogent, Inc., Safran SA, ID Link, Matrix Security Group, Inc., Advancive Technology Solutions Inc., and Tyco International plc.