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Global Palm Vein Biometrics Market 2012-2016

Global palm vein biometrics market: 46% CAGR growth expected between 2012-16


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2014-01-30 05:48:01 - Global Palm Vein Biometrics Market 2012-2016 - a new market research report on companiesandmarkets.com

The Global Palm Vein Biometrics market is to grow at a CAGR of 46.6 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need for advanced security systems. The Global Palm Vein Biometrics market has also been witnessing an increasing deployment of palm vein biometrics. However, the need for improved compatibility and standardization could pose a challenge to the growth of this market.

One of the main trends witnessed in the Global Palm Vein Biometrics market is the increasing number of deployments. The majority of the deployments are taking place in countries such as Brazil, India, Japan, and the US. The Education and BFSI sectors are the major application segments where the

 

 

deployment projects have witness drastic increment over the past few years. The continual adoption of palm vein biometric in the end-user segments will tend to increase the growth prospects of the Global Palm Vein Biometrics market during the forecast period.

One of the main factors driving the market is the growing need for advanced security systems. There has been a substantial increase in the number of cyber-attacks in government departments and installations over the years. Insider thefts are also increasing in recent years. Furthermore, critical government departments such as intelligence, defense, and finance hold important data, the theft of which could jeopardize national security.

One of the main challenges is the need for improved compatibility and standardization. In recent years, government authorities and end-users have the need for improved compatibility and standardization among the various types of biometric devices available in the market. Hence, vendors are focusing on improving the interoperability among the palm vein biometric system components.

The key vendors dominating this space include Fujitsu Ltd., iAccess Systems Inc., and M2SYS Technology.

The other vendors mentioned are Bionics Co. Ltd. and Hitachi Information and Control Solutions Ltd.

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