Technavio’s analysts forecast the global vein recognition market is set to grow at a CAGR of 27.8 over the period 2014 to 2019.
The recent report covers the present scenario and the growth prospects of the global vein recognition biometrics market in the Business, Financial services, and Insurance (BFSI) sector. To calculate for the market size, revenue generated from the sales of vein biometric solutions including hardware, software, integrated solutions, and services offered in the BFSI sector was considered.
Technavio’s analysts forecast the global vein recognition market is set to grow at a CAGR of 27.8 percent over the period 2014 to 2019.
The recent report covers the present scenario and the growth prospects of the global vein recognition biometrics market in the Business, Financial services, and Insurance (BFSI) sector. To calculate for the market size, revenue generated from the sales of vein biometric solutions including hardware, software, integrated solutions, and services offered in the BFSI sector was considered.
The research firm says that the demand for highly reliable and accessible personal authentication and identification systems is increasing in the BFSI sector because of the growing instances of security vulnerabilities and transactional frauds. Since Biometrics involves the identification, verification and authentication of an individual by evaluating one or more unique biological traits that are not prone to change, it is considered to be more reliable than physical devices and numeric codes.
The firm also reported that vein recognition biometrics is gaining importance in the BFSI sector for applications such as logical access control, physical access control, mobile banking, branch banking, kiosks, ATM, and safe deposit locker. It is also used for security purposes to protect customers from data breaches and identity theft.
Product Adopted:Biometrics