Research Nester has released a report titled “Palm Recognition Biometrics Market – Global Demand Analysis & Opportunity Outlook 2030” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The coronavirus pandemic has raised the necessity across business organizations to adopt products to help them fight the spread of the virus. Palm recognition biometric systems are the authentication systems that are usually contactless and hence, the demand for these products across the end-user industries has grown massively in the past few months. Moreover, with the rising need to safeguard the personally identifiable information in the banking and finance sector, along with the concerns for the rising number of thefts and frauds, are some of the major factors anticipated to drive the growth of the global palm recognition biometrics market.
The global palm recognition biometrics market is anticipated to record a CAGR of 18.28% during the forecast period, i.e., 2020-2030, owing to the growing concern for the rising number of crimes globally, coupled with the increasing adoption of palm recognition biometrics across governmental and private organizations to limit the number of fraudulent activities. The market is segmented by type into palmprint biometrics and palm vein biometrics. Rising need for contactless palm-based biometric authentication systems from the end-user industries, along with the contactless authentication properties of palm vein biometric technology is driving the growth of the palm vein biometrics segment and is therefore, projected to register the highest share in the year 2021. On the other hand, the palmprint biometrics segment is projected to grow with the highest CAGR of 20.70% during the forecast period.
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Geographically, the global palm recognition biometrics market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Among the market in these regions, the market in Asia Pacific is projected to grow with the highest CAGR of 20.01% during the forecast period, backed by the need of the organizations to limit the number of rising fraudulent incidences in the region. The market in the region is further anticipated to register the largest market share of 31.54% in the year 2019.
However, concerns regarding the restrictions of the organizations which they face due to the high deployment costs of palm recognition biometrics is anticipated to limit the growth of the global palm recognition biometrics market in the coming years.
This report also provides the existing competitive scenario of some of the key players of the global palm recognition biometrics market, which includes company profiling of Imprivata, Inc., BioSec Group Ltd., Fujitsu Limited (TYO: 6702), iDLink Systems Pte. Ltd., M2SYS Technology, IdentyTech Solutions Ltd., Mantra Softech (India) Pvt. Ltd., Redrock Biometrics, and Matrix Comsec Pvt. Ltd.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Palm Recognition Biometrics Market – Global Demand Analysis & Opportunity Outlook 2030”, analyses the overall palm recognition biometrics industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global palm recognition biometrics market in the near future.
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