There’s considerable growth in store for the global palm vein biometrics market, according to a new report from Technavio. The market research firm predicts that between 2016 and 2020, the market will grow at a CAGR of 22 percent. This will bring the global market to a value of over a billion dollars by the end of the forecast period.
The healthcare sector will lead the growth, according to the report, with a CAGR of 28 percent that will bring the sector to a value of $185 million by 2020. An important driving factor in this area is new regulations safeguarding patient privacy, Technavio says; though employee time and attendance tracking is also on the rise. In this sector in particular, perceptions about the technology’s hygienic and non-intrusive qualities are helping to push things along.
Meanwhile, a CAGR of 25 percent is expected for the education sector, where student security is a major concern; while the BFSI sector will enjoy a CAGR of 22 percent during Technavio’s forecast period, with applications such as biometric ATMs.
With companies such as Fujitsu having invested heavily in this biometric modality, the report offers a strong outlook with respect to ROI. It also further underlines the excitement driving growth in the biometrics market as a whole.
April 28, 2016 – by Alex Perala