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.