Research Nester released a report titled “Palm Recognition Biometrics Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global palm recognition biometrics market in terms of market segmentation by type, component, technique, application, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global palm recognition biometrics market is segmented by type into palmprint biometrics and palm vein biometrics, out of which, the palm vein biometrics segment is projected to register the highest share in the year 2021, backed by the growing need for contactless palm-based biometric authentication systems from the end-user industries. Additionally, the palmprint biometrics segment is projected to grow with the highest CAGR of 20.70% during the forecast period, i.e., 2020-2030, owing to its user-friendly nature and greater flexibility advantages.
The global palm recognition biometrics market is anticipated to record a CAGR of 18.28% during the forecast period. Rising adoption of palm recognition biometrics by the government of nations worldwide, coupled with the advancements in criminal identification systems, backed by the increasing number of crimes worldwide, are some of the major factors anticipated to promote the market growth in the coming years.
Based on region, the global palm recognition biometrics market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa, out of which, the Asia Pacific palm recognition biometrics market registered the largest market share of 31.54% in the year 2019 owing to the increasing fraudulent activities in the region, and the need of the organizations to limit such activities. Moreover, the market in the region is projected to grow with the highest CAGR of 20.01% during the forecast period.
Rising Adoption of Palm Recognition Biometrics in the BFSI Industry to Drive the Market Growth
Owing to the presence of numerous personally identifiable information by the organizations in the banking and finance sector, there is a rising need amongst these organizations to increasingly safeguard these data by the use of advanced security protocols. Moreover, rising number of thefts and frauds in these institutions is also raising the need for the deployment of biometric recognition systems, which in turn is anticipated to drive the demand for palm recognition biometrics. Additionally, rising deployment of palm recognition systems in other end-user industries owing to the numerous advantages associated with palm recognition systems are some of the factors anticipated to drive the growth of the global palm recognition biometrics market.
However, concerns for the high deployment costs of palm recognition biometrics which restricts organizations to move for a technology update, is anticipated to hinder the growth of the global palm recognition biometrics market in the coming years.
This report also provides the existing competitive scenario of some of the key players of the global palm recognition biometrics market which includes company profiling of Imprivata, Inc., BioSec Group Ltd., Fujitsu Limited (TYO: 6702), iDLink Systems Pte. Ltd., M2SYS Technology, IdentyTech Solutions Ltd., Mantra Softech (India) Pvt. Ltd., Redrock Biometrics, and Matrix Comsec Pvt. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global palm recognition biometrics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.