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.”
banking | BFSI | biometrics | financial services | healthcare | market report | vein biometrics | vein recognition