Global Palm Vein Scanner Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2022-2027 | EMR Inc.

June 16 19:16 2022
Global Palm Vein Scanner Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2022-2027 | EMR Inc.
Global Palm Vein Scanner Market Report And Forecast 2022-2027
Global Palm Vein Scanner Market To Be Driven By The Increasing Adoption Of Palm Vein Scanner In The Healthcare Industry In The Forecast Period Of 2022-2027

The new report by Expert Market Research titled, ‘Global Palm Vein Scanner Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global palm vein scanner market, assessing the market based on its segments like products, offerings, authentications, functionalities, applications, end-users, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

• Historical Market Size (2021): USD 420 Million
• Forecast CAGR (2022-2027): 4%
• Forecast Market Size (2027): USD 1,406.6 Million

The increasing adoption of palm vein scanner in the healthcare industry is driving the market growth. This can be attributed to the fact that the pattern of palm veins can be directly linked to the medical history of patients and can facilitate quick procurement of all the necessary information. Moreover, it also eradicates the chance of medical-record mix-ups, thereby, bolstering the safety of patients. Furthermore, this method is secure, private, accurate, and hygienic, as it does not involve any contact with the device. Geographically, North America accounts for a significant share in the market owing to the rapid digitalisation in the end-use industries of the product.

Industry Definition and Major Segments

Palm vein scanner is defined as a biometric authentication method in which the unique patterns of veins in human’s palm are recognised using infrared light. It is a relatively new technology which scans the image of the veins and compares it with the previously collected materials in the database. This method is fast, easy, and the equipment used is portable.

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On the basis of product, the market can be bifurcated into:

  • Finger Vein Biometrics
  • Palm Vein Biometrics

The market can be broadly classified based on offering into:

  • Hardware
  • Software and Services

On the basis of authentication, the market can be bifurcated into:

  • Unimodal Biometric System
  • Multimodal Biometric System

By functionality, the market can be segmented into:

  • Physical Access and Biometric Authentication
  • Logical Access and Biometric Authentication
  • Embedded System

The significant applications included in the market are as follows:

  • User Identification
  • Access Control and Biometric Authentication
  • OEM Terminal Devices

On the basis of end user, the market has been divided into:

  • Banking, Financial Services, and Institutions
  • Defence
  • Government
  • Healthcare
  • Others

The regional markets for palm vein scanner include:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Market Trends

The key trends in the palm vein scanner market include the technological advancements in the BFSI sector, aimed towards streamlining the records of clients, making it more safe and secure. Palm vein scanner reduces the chance of identity theft, frauds, and bolsters the communication of the workforce, which is extremely beneficial in the BFSI sector. Meanwhile, the rapid digitalisation and technological advancements in the law enforcement agencies is anticipated to propel the demand for palm vein scanners in the forecast period. The growing risk of foreign intrusion in sovereign nations, increasing cases of tampering of criminal records, and rising geopolitical terrorism can be efficiently countered using this technology.

Key Market Players

The major players in the market are M2SYS Technology, Fujitsu Limited, Recogtech BV, NEC Corporation, mofiria Corporation, and ePortation, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company’s expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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