The Vein Recognition Biometrics market is anticipated to grow with a CAGR of 21.1% over the forecast period of 2019-2028. Vein recognition also known as vascular biometrics is a unique technology that measures parts of a person’s circulatory system which is equally unique as a fingerprint. The vein recognition biometric solutions use optical scanning technology that captures the vein images from a person’s palms, fingers, or eyeballs. The vein recognition biometrics are being of great use for corporate banking purposes since mobile devices can surface vein recognition capabilities.

Top Driver: Increasing Demand for Specified Identity and Avoid Crimes and Thefts is Expected to Anticipate the Market Growth

With the rising population, there is an increasing need to specify a person’s identity with the help of financial organizations to maintain details about every person. It provides secure access to financial accounts and unique encryptions which would make it easy to find out the criminals. Therefore the growing need to avoid crimes and thefts across the globe may trigger the market extensively in the forecast period.

However, stringent government regulations could hamper the market growth in the future. Also, the high cost of the installation of biometric devices in corporate and financial organizations may prove to be a restraint for the market.

Financial Sector to Show a Steady Growth in the Forecast Period

Based on the end-use the Vein Recognition Biometrics market is segmented into the financial sector, corporate sector, government authorities, and others. The financial sectors are expected to show steady growth in the future owing to security reasons. Also, the government authorities could benefit immensely by vein biometrics since the government has to maintain the identity of a huge population. Maintaining such huge data could be a challenge for the government hence the use of vein biometrics could prove to be of an important application.  On the basis of type, the market is segmented into hardware and software. 

Asia Pacific to Account for the Largest Share in the market

The Asia Pacific is expected to drive the market immensely due to the wide application of vein biometrics in regions like Japan. Japan introduced a vascular recognition-based payment system called FingoPay which is being piloted. Tokyo is expected to be planning Olympics 2020 pay for the tourists using vascular biometrics. Such advancements are expected to fuel the market widely in the APAC. Furthermore, regions such as North America hold a large area subjected to the latest technology and innovative ideas. Therefore, the North American segment may contribute to market growth immensely.

Players to Focus on Partnerships and Innovations in their Products

The global Vein Recognition Biometrics market is expected to grow with a significant CAGR due to presence of various companies including M2SYS Technology – KernellÓ Inc., BioEnable Technologies Pvt. Ltd., Mantra Softech, BioSec Group Ltd., Imprivata Inc., IdentyTech Solutions America Inc., Matrix Comsec Pvt. Ltd., Bio-Guard,  Hitachi Ltd., Fujitsu Limited among others.

Hitachi Ltd:  Various companies have entangled themselves into mergers and acquisitions that have helped the companies to expand. For instance, recently in January 2020, Hitachi Ltd got into a merger with Ubisecure which is a customer identity and access management solutions, provider. The merger has helped Hitachi to acquire Ubisecures hand gesture technology using finger vein recognition.

Imprivata: in a similar partnership instance, Imprivata in May 2018 entered into a merger with Vecna, which provides its palm vein recognition system for its patient self- service solutions.

Scope of the Report

By Type

• Hardware
• Software

 By End-User

• Financial sector
• Corporate sector
• Government authorities
• Others

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.