Palm Vein Scanner: Introduction
- The biometric palm scanner is a palm-vein based authentication system that offers advanced biometric security technology.
- Palm vein scanner is the most suitable and widely accepted technology for person recognition as it provides a high level of accuracy and is easy to use.
- In terms of offering, palm vein scanners are divided into two types: hardware, and software & services, and these are used in various applications such as healthcare, BFSI, consumer electronics, commercial security, and the gaming sector.
Rise in Demand from the BFSI Segment
- BFSI is the fastest growing segment of the palm vein scanner market.
- The rising level of security breaches and the increasing level of security needed in BFSI is expected to propel the demand for palm vein scanners during the forecast period. Many BFSI organizations are adopting palm vein scanners, which is also fueling the growth of the market.
- Moreover, several banks and financial institutions have integrated biometric technologies such as palm vein recognition with access control systems on mobile devices such as smartphones to offer customers secure access to online accounts, thus fueling the growth of the global palm vein scanner market.
- The software & services segment is expected to expand at a substantial rate during the forecast period due to the rising popularity of software developed palm vein scanners compatible with various OS, including Windows, Linux, and Android
- However, some potential limitations such as the fact that palm vein scanners do not offer long-range identification capabilities like other alternative biometric systems is a major restraint of the market.
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Asia Pacific to Lead the Palm Vein Scanner Market
- In terms of region, the global palm vein scanner market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is anticipated to dominate the global palm vein scanner market throughout the forecast period, as a large number of manufacturers of palm vein scanners operate in the region.
- Governments of Asian countries such as China, Japan, India, and Australia majorly use palm vein scanners for several purposes such as issuing residential permits, for nationality registration, and passport authentication, which propels the growth of the palm vein scanner market.
- Moreover, rising awareness of biometric technology and an increasing number of manufacturing companies setting up their operations in APAC is expected to boost the growth of the palm vein scanner market during the forecast period.
- The markets in North America and Europe are expected to expand at a substantial rate during the forecast period since many BFSI organizations are adopting palm vein scanners.
- On the other hand, the palm vein scanner market in Middle East & Africa, and South America is estimated to expand at a moderate pace during the forecast period.
Key Players Operating in the Global Palm Vein Scanner Market
The global palm vein scanner market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancements and expansion to meet the rising demand for palm vein scanners. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.
Key players operating in the global palm vein scanner market include:
- Fujitsu Ltd.
- Hitachi, Ltd.
- NEC Corporation
- M2SYS Technology
- BioSec Group Ltd.
- Matrix Security Solutions
- IdentyTech Solutions America, LLC
- Dakar Software Systems
- ePortation Inc.
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Global Palm Vein Scanner Market: Research Scope
Global Palm Vein Scanner Market, by Offering
- Software & Services
Global Palm Vein Scanner Market, by Applications
- Consumer Electronics
- Commercial Security
- Gaming Sector
Global Palm Vein Scanner Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.