Market Trends of Palm Vein Biometrics Industry
This section covers the major market trends shaping the Palm Vein Biometrics Market according to our research experts:
BFSI Expected to Hold the Largest Market Share
- With the increasing level of security breaches, need for highly secure verification and identification systems have increased in the BFSI sector. Various banks and financial institutions integrated biometrics technologies such as palm vein recognition technology with access control systems to provide customers with secure access. For instance, Bank of Tokyo-Mitsubishi, a commercial bank in Japan, implemented a palm vein biometric system to provide a secure and cost-effective solution to its customers.
- Apart from physical access control, palm vein biometrics is expected to gain traction for contactless payment authentication. For instance, in 2018, Japan’s AEON Credit Service and Fujitsu will begin a trial of a cardless retail payment system using biometric palm vein authentication technology at some convenience stores.
- Many BFSI organizations are adopting palm vein biometrics, which is fueling the market’s growth. For instance, Gesa Credit Union, a financial services institution is leveraging palm recognition technology in association with financial technology company Fiserv. Fiserv is a financial services technology solutions provider, that offers a DNA account processing platform and integrated services, including Verifast: Palm Authentication for biometric authentication.
- Many startups are also investing in product innovations. For instance, in June 2019, Redrock Biometrics, a vendor of palm-based biometrics for authentication and identification, announced the launch of its identification solution, PalmID-X at the exclusive invitation-only Finovate Spring 2019.
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North America Expected to Hold Significant Market Share
- According to the Federal Trade Commission, identity thefts related to payment and banking sector are prominent in North America, which in turn, is set to boost the adoption of advanced authentication services such as biometrics. According to the Federal Trade Commission, in 2018, California experienced the maximum number of identity theft complaints. Around 73,668 cases of identity thefts were reported.
- The region is also witnessing a growing interest among organizations in adopting systems that use biometric characteristics to identify people. For instance, a New Jersey-based healthcare company, Atlantic Health System uses Patient Secure’s biometric palm vein scanning solution to speed up the patient intake and improve record accuracy. This technology helps in preventing individuals from using someone else's medical data to receive treatment.
- Many BFSI organizations are adopting palm vein biometrics, which is fueling the market’s growth in the region. For instance, Gesa Credit Union, a financial services institution, headquartered in the United States, is leveraging palm recognition technology in association with financial technology company Fiserv. Fiserv is a financial services technology solutions provider, that offers a DNA account processing platform and integrated services, including Verifast: Palm Authentication for biometric authentication.
- Many startups are also investing in product innovations in the region. For instance, in June 2019, Redrock Biometrics (San Francisco), a vendor of palm-based biometrics for authentication and identification, announced the launch of their identification solution, PalmID-X at the exclusive invitation-only Finovate Spring 2019. The solution expands the application of biometric identification to a large group of people, creating a basis for seamless services and transactions without the physical tokens. Using a standard RGB camera and infrared camera, PalmID-X captures palm prints or subdermal veins to produce a highly unique palm signature.
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