Vein Recognition Biometrics Market: Value Chain, Dynamics and Key Players (2018 – 2028)

Vein Recognition Biometrics Market: Value Chain, Dynamics and Key Players (2018 – 2028)

Vein Recognition Biometrics Market Insights

Biometrics refers to any biological characteristic which is measurable. Any human trait which is unique to every individual can be thus measured for authentication purposes. Vein recognition biometrics employs the same principle by effectively analyzing the vein patterns beneath the sub-dermal region of the skin.

Both hardware and software are required to implement the technology. Owing to its effectiveness and accuracy vein recognition biometrics is finding widespread adoption in industries such as security, finance, electronics, gaming, and healthcare. Manufacturers in the vein recognitions market continue to focus on the enhancement of the technology’s performance and efficaciousness.

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Cost-effectiveness and Accuracy of Vein Recognition Biometrics to Uphold Market Growth

Vein recognition biometrics are relatively more efficient and accurate than the other types of biometric systems and exhibit lower False Acceptance Rate (FAR) and False Rejection Rate (FRR) which is a vital reason behind the surge in the demand for these systems. Additionally, these systems are less invasive which makes maintaining them easier as compared to other systems such as fingerprint biometrics. Because vein recognition biometrics analyze the sub-dermal vein patterns on the face, iris, and fingers they are not impacted by changes in weather or the physical state of a person. The factors are driving the extensive adoption of the technology in security, finance, and electronics industries. For instance, Apple recently obtained a patent on facial vein recognition using infrared rays which the company plans to incorporate in its devices.

Increasing incidences of data breach and theft are raising concerns regarding the security measures currently in place in the finance industry. Vein recognition is increasingly gaining traction in the BISF industry owing to its affordability and high-performance. A recent development complementing the demand for vein recognition biometrics in the financial industry was Fignopay’s deal with the Copenhagen Business School under which the company will be deploying its finger vein recognition biometrics for payments across the campus. The gain in penetration in various industries is expected to fuel vein recognition biometrics market growth.

Machine Learning to Aid in Bolstering the Efficiency of Vein Recognition Biometrics

Distorted vein substance and pattern coupled with the low quality of images can adversely impact the performance and efficiency of vein recognition biometrics. However, advancements and developments in machine learning are helping manufacturers to overcome the problem. Manufacturers in the vein recognition biometrics are employing the use of machine learning algorithms for image enhancement and feature processing to accurately authenticate individuals. Additionally, intensifying research towards modifying the algorithms to suit the requirements of the system is further expected to uphold vein biometrics recognition market growth. For instance, recent research suggested that the modification of sparse representation classification (SRC) algorithm could aid in substantially improving the recognition rate of vein biometrics systems.

Demand for Vein Recognition Systems in Biometrics to Remain Robust as EHR Gains Traction

Electric Health Records (EHR) are becoming increasingly popular in the healthcare industry owing to the system aiding healthcare service providers in early diagnosis, effective treatment development, and significantly reducing the probability of medical errors which is. However, with the sensitive data containing personal identifiable information (PII) stored on electronic platforms, it is exposed to risks such as breaches and thefts. Vein recognition biometrics offer an effective way to protect sensitive information from any thefts and breaches. With EHR promising bright prospects for improving the quality of healthcare services, regulatory authorities around the world are seeking high-performance security solutions to access its full potential which, in turn, is likely to bolster vein recognition biometrics market growth.

Development of Techniques to Bypass the System to Stifle Market Growth

Although headways in technology are helping in the enhancement of vein recognition biometrics systems, they are also helping in the development of techniques which can be used to effectively bypass the system. A substantial increase in incidences of vein recognition biometrics system bypassing is raising concerns about the effectiveness of the system. A recent instance complementing the shortcomings in the system was a spook attack on palm vein recognition biometrics system orchestrated by researchers in Germany. The researchers were successfully able to bypass the system using a collection of images and a wax hand. The factor is expected to dampen vein recognition biometrics market penetration.

Vein Recognition Biometrics Market- Competitive Landscape

  • Baking on the burgeoning demand for vein recognition biometrics in financial industries, Fujitsu announced the development of an integrated palm vein and facial recognition platform for use as an authentication system in retail payments.
  • Continuing the trend of innovations in the vein recognition biometrics market, Hitachi entered a strategic alliance with telecommunications operator KDDI for the development of a sophisticated blockchain system which uses finger vein biometric devices as validators in retail payments.
  • Vein recognition biometrics market continues to gain penetration in consumer electronics with LG launching its G8 smartphone equipped with palm vein recognition biometrics technology.
  • NEC Corporation, a leading player in the vein recognition biometrics market, announced a partnership with Taiwan-based bank E.Sun Commerical Bank for the deployment of biometric ATMs which use facial recognition as an authentication system.

Other players operating in the vein recognition biometrics market include 3M Cogent, PalmSure, Tyco, IdentyTech Solutions America, LLC, Mofiria, Matrix Security Solutions, Mantra Softech, and BioEnable.

Vein Recognition Biometrics Market: Key Participants

Examples of some of the key participants in the global vein recognition biometrics market identified across the value chain include Fujitsu, M2SYS Technology, Hitachi, 3M Cogent, Inc., NEC Corporation, Matrix Security Solutions, IDLink System, Safran, IdentyTech Solutions America, LLC , Tyco, PalmSure, Mofiria, Matrix Security Solutions, Mantra Softech, IdentyTech Solutions, and BioEnable, among others.

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Vein Recognition Biometrics Market: Regional Overview

On the basis of geography, the global vein recognition biometrics market can be segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and the Middle East & Africa. Among all these regions, North America is expected to hold a major share of the global vein recognition biometrics market during the forecast period, due to large presence of established manufacturers in the region as well as increased spending on the development of software technologies. Asia Pacific excluding Japan is expected to be the fast-growing regional market during the forecast period, due to increasing adoption of vein recognition biometrics technology in developing countries such as Greater China and India. Besides, increasing number of manufacturing companies in the region is also expected to contribute to the growth of vein recognition biometrics market in Asia Pacific excluding Japan.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, deployment, component, and end user.

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