Palm Vein Scanner Market: Research Methodologyrapid Growth Till 2020

The biometric palm scanner is a palm-vein based authentication system that offers advanced biometric security technology.
Palm vein scanner is the most suitable and widely accepted technology for person recognition as it provides a high level of accuracy and is easy to use.
In terms of offering, palm vein scanners are divided into two types: hardware, and software & services, and these are used in various applications such as healthcare, BFSI, consumer electronics, commercial security, and the gaming sector.

BFSI is the fastest growing segment of the palm vein scanner market.
The rising level of security breaches and the increasing level of security needed in BFSI is expected to propel the demand for palm vein scanners during the forecast period. Many BFSI organizations are adopting palm vein scanners, which is also fueling the growth of the market.
Moreover, several banks and financial institutions have integrated biometric technologies such as palm vein recognition with access control systems on mobile devices such as smartphones to offer customers secure access to online accounts, thus fueling the growth of the global palm vein scanner market.
The software & services segment is expected to expand at a substantial rate during the forecast period due to the rising popularity of software developed palm vein scanners compatible with various OS, including Windows, Linux, and Android
However, some potential limitations such as the fact that palm vein scanners do not offer long-range identification capabilities like other alternative biometric systems is a major restraint of the market.

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In terms of region, the global palm vein scanner market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific is anticipated to dominate the global palm vein scanner market throughout the forecast period, as a large number of manufacturers of palm vein scanners operate in the region.
Governments of Asian countries such as China, Japan, India, and Australia majorly use palm vein scanners for several purposes such as issuing residential permits, for nationality registration, and passport authentication, which propels the growth of the palm vein scanner market.
Moreover, rising awareness of biometric technology and an increasing number of manufacturing companies setting up their operations in APAC is expected to boost the growth of the palm vein scanner market during the forecast period.
The markets in North America and Europe are expected to expand at a substantial rate during the forecast period since many BFSI organizations are adopting palm vein scanners.
On the other hand, the palm vein scanner market in Middle East & Africa, and South America is estimated to expand at a moderate pace during the forecast period.

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