The vein recognition biometrics market is projected to progress at a CAGR of 19.2% to reach $5,977.0 million by the end of 2032, says Fact.MR

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The growing demand for authentication solutions is expected to open up new growth opportunities in the market

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 to reach $1,024.4 million in 2022, and it is expected to expand at a CAGR of 19.2% in the forecast years 2022-2032. The market is expected to grow due to increased adoption of the technology across a wide range of functions.

With the growing diffusion of technology and the use of smart devices such as Internet of Things devices, the connectivity requirements and technological upgrades are skyrocketing. Recognition of biometric data also plays an important role in the healthcare sector.

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To identify each patient and their digital health record, healthcare organizations are implementing distinctive biometric technologies such as palm vein recognition. The American Health Information Management Association estimates that differences in patient first and last names account for 40% of discrepancies in duplicate medical data.

Duplicate medical records can cost up to $1,000 for each record, according to estimates. The demand for biometric data for vein recognition is high, as it promotes patient safety, reduces identity theft, increases revenue cycle effectiveness, and improves patient experience and happiness.

As a result, the adoption of biometrics for vein recognition in healthcare is likely to increase. Also, due to technological developments in the internet of things, there is an increased demand for vein recognition system biometrics in order to minimize human error, theft, and increase security.

Key points from the market study

  • The global vein recognition biometrics market is expected to grow by 19.2% and reach USD 5.977 million during the forecast period.

  • The vein recognition biometrics market experienced a CAGR of 17.2% between 2017 and 2021.

  • With a market valuation of $1,024.4 million in 2022, biometrics for vein recognition dominates the market.

  • North America dominated the vein recognition biometrics market with a 23.8% market share in 2021.

  • East Asia is likely to account for 19.5% of the biometrics market share for vein recognition in 2022.

  • Based on the region, the demand for biometric data for vein recognition is projected to increase at a CAGR 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 search, along with other key companies. In order to increase their geographical reach and business operations, well-known manufacturers always focus 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 continued need to adopt stronger identification protocols to stop fraud and identity theft. The market for vein recognition biometrics is expected to grow as a result of this technical advance.

Competitive landscape

All the leaders in the technology industry are making their own strategies to stand out from other competitors in the vein recognition biometrics market. Brands like Dormakaba Holdings, Fujitsu, Futronic, Hitachi Ltd, Honeywell Security, IDEMIA, IdentyTech, Imprivata, Johnson Controls, M2SYS Technology, Mofiria and other leading players have started to produce vein recognition system biometrics to meet consumer preferences . The advanced features involved in vein recognition biometrics are gaining ground in the market.

Fact.MR provided detailed information on the price points of the major biometric vein recognition manufacturers positioned in the regions, sales growth, installed base and speculative technology expansion, in the recently released report.

Key companies profiled

  • Dormakaba Holding

  • Fujitsu

  • Futronics

  • Hitachi Ltd.

  • Honeywell security

  • IDEMIA

  • Tech identity

  • Imprivate

  • Check Johnson

  • M2SYS technology

  • Mofiria

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Segmentation of research on the field of biometrics for vein recognition

  • By technology:

    • Finger vein pattern recognition

    • Palm vein pattern recognition

    • Recognition of the retinal vein pattern

  • By solution:

  • By sector:

    • BFS extension

    • Health care

    • Production

    • Services, communication and media

    • Retail and other corporate

    • Transport and public services

    • institutions

    • Residential

    • Law enforcement offices

  • By region:

    • North America

    • Latin America

    • Europe

    • East Asia

    • South Asia and Oceania

    • Middle East and Africa

More valuable information 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 2022-2032.
The study reveals essential insights on the basis of Technology (Finger Vein Pattern Recognition, Palm Vein Pattern Recognition, Retina Vein Pattern Recognition), Solution (Hardware, Software, Services), Industry (BFSI, Healthcare, Manufacturing, Services, Communication & Media, Retail & Other Corporate, Transportation & Utilities, Institutions, Residential, Law Enforcement Offices) in the main regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, Middle East and Africa).

Explore Fact.MR’s coverage in the technology domain

Behavioral Biometrics MarketThe global behavioral biometrics market reached a valuation of approximately US$1.5 billion in 2020, and is projected to accelerate at a stunning CAGR of 20% to surpass US$9 billion by 2031, according to the latest industry analysis published by Fact.MR. Behavioral biometrics software is expected to be worth over $6 billion over the next ten years. According to Fact.MR, a market research and competitive intelligence provider, the global behavioral biometrics market thrived at a CAGR of over 9% from 2016 to 2020 worth $1.5 billion.

Contactless biometrics marketThe global contactless biometrics market is valued at USD 17.1 billion in 2022 and is projected 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 to integrate different middleware software and services. Given the trend mentioned above, the market valuation for the contactless biometrics market is estimated to account for approximately 43% of the global biometrics market by the end of 2022.

IRIS biometrics market: As consumers are now more concerned than ever with security issues while using online platforms, the demand for IRIS biometric systems is expected to increase worldwide. The growing reliance on digital technologies and automation will drive the adoption of these systems in different industries. According to the study, the BFSI sector is expected to be the most profitable segment of the market.

Biometric middleware market: The global biometric middleware market is expected to benefit from the growing need for reliable and secure solutions. Market sales are expected to grow at a rapid pace during the forecast period on the back of growing application in defense, healthcare and defense industries. According to the study, the software segment is expected to generate the highest revenues in the global biometric middleware market.

Biometric authentication solutions market – The widespread diffusion of biometric authentication solutions and technologies for physical access and information security is fueling the growth of biometric authentication solutions market. Furthermore, with the exponential increase in the number of users switching to mobile banking, several organizations are adopting biometric authentication solutions as a security measure. Due to these factors, the demand for biometric authentication solutions is expected to increase rapidly in the near future.

About Fact.MR

Fact.MR is a market research and consulting agency with deep experience in emerging markets intelligence. Spanning a huge range – from automotive and industry 4.0 to healthcare, technology, chemicals and materials, to more niche categories. We are committed to providing insights that help companies better understand their target markets. We understand that making sense of the vast maze of data can be overwhelming for businesses. That’s why focus on delivering insights that can actually make a difference to your bottom line.

Specialties: Competitive Monitoring, Personalized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.

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