DUBLIN, April 28, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Global Palm Vein Biometrics Market 2016-2020" report to their offering.

The global palm vein biometrics market is expected to grow at a CAGR of 22.46% during the period 2016-2020.

With technological advances, two-factor authentication was introduced, where individuals gain access to secure premises after they are authenticated twice on the basis of hardware devices and numeric codes. However, it was easy for hackers to gain access to hardware devices and obtaining numeric codes, which increased security risks.

Palm vein recognition is a contactless technology that compares the palm vein scan stored in the database with the image of palm veins of an individual captured at that instant. This technology is being used by organizations in sectors such as BFSI, transportation, utilities, government, and payment card for identification and authentication of individuals to deter fraudulent activities.

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.

According to the report, a number of construction and manufacturing utilities are 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.

Further, the report states that privacy issues with biometric data hinders the market growth.

Key vendors:

• BioEnable
• Fujitsu
• M2SYS
• Tyco Market drivers

Key Topics Covered:

PART 01: Executive summary 

PART 02: Scope of the report

PART 03: Market research methodology

PART 04: Introduction

PART 05: Market description

PART 06: Market landscape

PART 07: Life cycle analysis

PART 08: Market opportunities and developments

PART 09: Market segmentation by end-user

PART 10: Geographical segmentation

PART 11: Buying criteria

PART 12: Value chain

PART 13: Market trends

PART 14: Market challenges

PART 15: Five forces model

PART 16: Vendor landscape

For more information visit http://www.researchandmarkets.com/research/4dcfzm/global_palm_vein

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