September 20, 2013 -
The global market for palm vein biometrics is set to grow at a CAGR of 46.6 percent between 2012-2016, according to new research in the Research and Markets catalogue.
According to the report, Global Palm Vein Biometrics Market 2012-2016, Fujitsu, iAccess Systems and M2SYS are currently dominating this space, which is being driven by an increased demand for advanced security systems. The need for improved compatibility and standardization could pose a challenge to the growth of this market, the report notes.
“One of the main trends witnessed in the Global Palm Vein Biometrics market is the increasing number of deployments. The majority of the deployments are taking place in countries such as Brazil, India, Japan, and the US,” a research analyst working on the report said. “The Education and BFSI sectors are the major application segments where the deployment projects have witness drastic increment over the past few years. The continual adoption of palm vein biometric in the end-user segments will tend to increase the growth prospects of the Global Palm Vein Biometrics market during the forecast period.”
It’s not just security demand that’s driving the palm vein market. As we’ve reported extensively, these systems have also seen increased deployment in healthcare and school settings as the nature of many of these systems is that they don’t require a physical touch and so they are a hygienic solution.
BiometricUpdate.com has looked at the success and failure of some of these programs, through the lens of school cafeterias. Read the full feature here.
Separately-published research also shows growth in demand for physical security systems including biometrics. The market, which has been valued at $55.59 billion in 2013, will grow to $85.51 billion in 2018, representing a CAGR of 9% from 2013 to 2018.