Healthcare organizations are installing unique biometric solutions such as palm vein recognition, which is used to recognize each patient as per their digital health record. According to the American Health Information Management Association, 40% of duplicate medical records have discrepancies caused by inconsistencies in patient’s first and last name. The average estimated costs associated with duplicate medical records can be US$ 1,000 per record. Thus, vein recognition biometrics enhance patient safety, decrease patient identity theft data, increase revenue cycle efficiency, and improve patient experience, and satisfaction. These factors are projected to boost demand for vein recognition biometrics in the healthcare industry. The newest report by Fact.MR estimates that the vein recognition biometrics market will witness a fourfold growth to reach a valuation of US$ 1.2 Bn by the end of 2029.
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Key Takeaways of Global Vein Recognition Biometrics Market
- Finger vein recognition biometrics are projected to expand 5X as compared to 2019 and account for around 51% of the overall value opportunity in the global market by 2029 end. The demand for finger vein recognition biometrics increases due to cost-effectiveness and accuracy as compared to other biometrics solutions.
- The BFSI segment is expected to create an absolute dollar opportunity of US$ 704 Mn during the forecast period. Owing to rising concerns of data breach and theft, the demand of vein recognition biometrics are expected to surge during the forecast period
- East Asia will remain the prominent region across the forecast period, accounting for more than 39% share in the global market, as countries in this region are focusing on increasing adoption of vein recognition biometrics to avoid thefts and burglaries
- The hardware segment is estimated to create an absolute dollar opportunity value US$ 559 Mn and is expected to grow at a staggering CAGR of 17.8% during the forecast period
“Rising need for authentication solutions and the increasing deployment of vein recognition biometrics is expected to provide new growth outlook in the market”says the Fact.MR analyst
Global Vein Recognition Biometrics Market: Segmentation
A segmentation table of the global vein recognition biometrics market has been provided below on the basis of technology, sector, solution and region.
- Finger Vein Recognition
- Palm Vein Recognition
- Eye Vein Recognition
- Services, Retail & Other Corporate
- Transportation & Utilities
- North America
- Latin America
- East Asia
- South East Asia
- Middle East and Africa
Competition Landscape to Heat Up with Well-timed Partnerships
The report reveals some of the prominent market players, including Fujitsu Ltd, Hitachi Ltd, IdentyTech, NEC Corporation, M2SYS Technology, Mofiria, Futronic, Imprivata, IDEMIA and others. Prominent manufacturers are continuously focusing on product innovation and partnerships in order to expand their geographic presence and business operations. For instance,
- In August 2019, Hitachi Europe Ltd – a fully owned subsidiary of Hitachi Ltd formed a partnership with IT security distributor Alpha Generation. The partnership will be focusing on developing innovative solutions using Hitachi’s finger vein technology
- In November 2019, Fujitsu launched sales of the “FUJITSU Security Solution AuthConductor V2” which uses various authentication methods, including palm vein authentication, to deliver comprehensive biometric authentication support for customers