ReportsnReports.com adds Global Palm Vein Biometrics Market 2016-2020 latest research report, Multi-factor authentication is a verification technique that uses two or more different authentication methods such as PINs, one-time passwords, and biometrics. Multi-factor authentication acts as an additional security layer and makes it difficult for an unauthorized person to access a database, physical location, or computing device. Multi-factor authentication solutions incorporate the use of different biometric technologies to authenticate payment transactions on mobile devices such as smartphones, tablets, and laptops. The analysts forecast global palm vein biometrics market to grow at a CAGR of 22.46% during the period 2016-2020.
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According to the palm vein biometrics market report, number of construction and manufacturing utilities is likely to adopt palm vein recognition technology due to its user-friendliness. Any cuts, bruises, or dust on the hands of a worker might prevent him from gaining access to secure premises using fingerprint recognition technology. Palm vein recognition technology does not have this problem.
Segmentation by end user and analysis of the palm vein biometrics market
During 2015, the BFSI sector dominated the market and accounted for more than 58% of the market share in terms of revenue. During the forecast period, increasing incidences of security breaches and transaction frauds have resulted in the augmented need for highly secure verification and identification systems, especially in the BFSI.
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In this industry report, the analysts envisaged that North America will dominate the market and will post market revenue of more than USD 438 million by the end of 2020. Increasing instances of criminal activities and the growing adoption of consumer electronics will bolster the growth prospects for this market in North America.
The global palm vein biometrics market is highly fragmented with the presence of several multinational vendors and small regional vendors. Large vendors often acquire the smaller vendors to expand their product portfolio and market share. The competition is likely to get intense with an increase in solution extensions, technological innovations, and M&A activities.
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Key players in the global Palm Vein Biometrics market: BioEnable, Fujitsu, M2SYS, and Tyco.
Other Prominent Vendors in the market are: IdentyTech Solutions, iDLink Systems, Imprivata, Mantra Softech, and Matrix Security Solutions.
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