FB pixel

Vein recognition biometrics market to generate $1B by 2029 led by bank deployments

Vein recognition biometrics market to generate $1B by 2029 led by bank deployments

The market for vein recognition biometrics is expected to generate more than a billion dollars annually, led by BFSI (banking, financial services and insurance) and to a lesser extent healthcare deployments, according to a new report from Fact.MR. The technology is efficient, accurate, and reliable for protecting customers and businesses from data and identity theft, according to the report, leading to adoption by financial institutions in India, China, Argentina, Mexico, Brazil, and South Africa.

The report “Vein Recognition Biometrics Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019 to 2029”

The BFSI sector is forecast to generate more than $700 million a year for vein biometrics by 2029, while healthcare is expected to make up about 9 percent of the market after growing at roughly double the speed of the manufacturing segment of the market.

Finger vein technologies are the largest type of vein biometric system by market share, and Fact.MR predicts they will be worth more than $600 million by the end of the decade, despite losing 11 percent of its market share to palm vein recognition. Palm vein recognition is expected to grow at a 21.7 percent CAGR to $522 million during the forecast period. Eye vein recognition takes a small but statistically significant portion of the market, according to the report.

East Asia is expected to represent roughly a third of the overall market, generating $328 million annually by the end of the forecast period, but the European market is expected to grow at the fastest rate, making up two-fifths of the global market by 2029 in large part due to the willingness of bank customers to seek out biometric services.

A series of partnerships formed in recent years by Hitachi, with Ubisecure and Barclays, and by Imprivata with Vecna are expected to impact the CIAM, banking, and healthcare markets, respectively.

Imprivata has announced, meanwhile, that it has been named to the Constellation ShortList for Healthcare Medical Device Security in Q1 2020 by Constellation Research. The list is compiled through client enquiries, partner conversation, customer references, and market share to recognize vendors who enable healthcare providers to keep patients and their data safe.

“Smart medical devices within the IoMT have allowed clinicians to become more efficient and mobile with patient care, but have also opened the door to increased risk and new potential points of exposure for healthcare IT infrastructures,” comments Imprivata CTO Wes Wright in the press release. “As concerns over the security of medical devices mount, we’re thrilled to be recognized as a vendor who can alleviate these concerns by helping to ensure the safety of patient data.”

Article Topics

 |   |   |   |   |   |   | 

Latest Biometrics News


Asian banks deploy biometrics and digital ID for security, additional services

As digital identity gains prominence in a financial industry beset by fraud, nations in Asia are enabling banks to lead…


Mobile ID combats fraud, gives holder control of personal data: USPF report

The U.S. Payments Forum (USPF) has published a new white paper entitled “The Role of Mobile IDs in Payments.” Authored…


Wyoming plots mobile driver’s license launch for 2025

Wyoming is moving towards the issuance of digital ID in the form of an optional mobile driver’s license, but it…


EU publishes rollout schedule for AI Act

The European Union has published the final text of the Artificial Intelligence Act, outlining the most important deadlines for complying…


World Bank identifies priority actions for DPI in Equatorial Guinea

A World Bank team has identified immediate actions which the government of Equatorial Guinea should undertake in ramping up its…


Some sort of ID could be ‘inevitable’ for UK: lawmakers

The UK is still debating national identity documents and digital identities, with lawmakers and experts arguing that the creation of…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events