Global Palm Vein Scanner Market Size, Share, and COVID-19 Impact Analysis, By Offering (Hardware, and Software and Services), By Product (Finger Vein Biometrics and Palm Vein Biometrics), By Authentication (Unimodal Biometric System and Multimodal Biometric System), By Functionality (Physical Access and Biometric Authentication, Logical Access and Biometric Authentication and Embedded System), By Application (User Identification, Access Control and Biometric Authentication & OEM Terminal Devices), By End-User (Banking, Financial Services, and Institutions, Defence, Government, Healthcare & Others) and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030
Palm Vein Scanner Market size was worth around USD 420 million in 2021 and is predicted to grow around USD 1221 million by 2030 with a compound annual growth rate of roughly 14.2% between 2022 and 2030. The report analyzes the market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the market.
Palm vein scanner is a biometric device that uses infrared light to check the vein structure of the palm, gathering approximately 500 million data points. The device then transforms these data points into a unique, encrypted code that serves as your biometric ID. The market encompasses both hardware and software, as well as company-provided solutions. M2SYS Technology provides palm vein biometrics scanners, whilst Fujitsu provides palm vein authentication technology.
The market is flourishing as a result of the opportunities presented by the development of criminal identification systems and the increasing use of palm recognition biometrics by the governments of nations. In addition, the expanding concern for data and asset protection among government organizations, banks, businesses, hospitals, and telecommunications companies, among others, is driving the demand for a greater deployment of advanced biometric verification systems. In addition, the growing global crime rate increases the need for forensic companies to use technology that enable them to remain ahead of criminals.
- As per the analysis shared by our analyst team, the global palm vein scanner market is estimated to grow annually at a CAGR of around 14.2% over the forecast period (2022-2030).
- In terms of revenue, the global palm vein scanner market size was valued at around USD 420 million in 2021 and is projected to reach USD 1221 million, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on offering, the software and services segment was predicted to show maximum market share in the year 2021.
- Based on product, the finger vein biometrics segment was the leading revenue-generating offering in 2021.
- On the basis of authentication, the unimodal biometric system segment was projected to show largest share in the year 2021.
- On the basis of functionality, the embedded system segment was dominating the market share in the year 2021.
- On the basis of application, the user identification segment was projected to show largest share in the year 2021.
- On the basis of end-user, the Banking, Financial Services, and Institutions segment was projected to show largest share in the year 2021.
- On the basis of region, North America were the leading revenue generator in 2021.
Rising Demand of Biometric Systems Across Corporate and Government to Propel Market Growth
The rising number of deployments and need for improved security systems is growing across enterprises are likely to propel the palm vein scanner market growth. In addition, the rising use of biometrics for enhanced security has a favorable effect on market expansion. Threats to national security and technological breakthroughs also contribute to the need for this biometric technology.
Additionally, the requirement to protect its secret data and information has risen as commercial rivalry has intensified. Government plans to give every person with a unique identification card are anticipated to boost market growth. For instance, the aadhar cards effort conducted by the Indian government involves the collecting of biometric information.
Growing Adoption of Touchless Biometric Systems is Expected to Open New Growth Opportunities for the Market Growth
The customer shifting towards interaction with touchless biometric systems are likely to be an opportunity for the palm vein scanner market. The touchless biometric witnessed to have longer sensor life as compared to touch-based biometric systems due to no physical contact with the device. The integration with advanced technologies such as AI, ML, cloud-based will propel the market growth. For instance, in December 2020, Chicago-based premium real estate firm GNP Realty collaborated with Keyo on a trial program for access control in doors, elevators, and turnstiles. After this pilot's success, GNP chose to use Keyo's contactless entry control in their 30-story building.
Based on offering, the global market is segmented into hardware, and software and services. The software and services segment is dominating the market share owing to increasing demand for palm vein scanners that are compatible with many operating systems, including Windows, Linux, and Android. It includes middleware, training, operating systems, intelligent layers, software platforms, system integration, and maintenance post deployment.
By functionality, the market is categorized into physical access and biometric authentication, logical access and biometric authentication and embedded system. The embedded system segment was dominating the market share owing to the tremendous expansion of embedded devices across industrial, consumer electronics and residential sectors over the past several years has led to the increased usage. The demand for tablets, smartphones, computers, and industrial-embedded devices are likely to propel the market growth.
In addition, the popularity of palm vein and finger vein readers has expanded over the past few years, since verified access to protected data on desktops has become a necessity for several businesses. ATMs are also rapidly incorporating finger vein recognition technologies. These improvements are anticipated to fuel the expansion of the integrated palm vein biometric systems market.
On the basis of end-user, the market is bifurcated into banking, financial services, and institutions, defence, government, healthcare & others. The banking, financial services, and institutions segment is dominating the market share owing to rising incidence of security breaches and the rising security requirements in the BFSI. Numerous financial firms are implementing palm vein scanners, which contributes to the market's expansion. In addition, a number of banks and financial institutions have implemented biometric technologies such as palm vein recognition with access control systems on mobile devices such as smartphones in order to provide customers with secure access to their online accounts, thereby fueling the palm vein scanner market share.
March 2022- BioSec announced an update for Triple1 biometric with Power over Ethernet (PoE) that will be connected with only one cable instead of two.
October 2020- Imprivata launched touchless palm vein scanner, PatientSecure, to address patient safety concerns from COVID-19 for healthcare sector.
May 2020- NEC Corporation announced the development of a multimodal biometric authentication terminal implementing face and iris recognition technology.
North America is Dominating the Market Share Owing to the Presence of Major Players
North America is dominating the palm vein scanner market owing to the significant number of established manufacturing enterprises and an increase in software technology-related investment activities. In addition, extensive distribution networks and strong research and development skills contribute to the expansion of this region. In the United States, palm vein biometric technology is widely employed in a variety of industries including defense, healthcare, consumer electronics, education, commercial security, and homeland security.
Key players cintributing in the palm vein scanner industry are FUJITSU, M2SYS Technology, Hitachi, Ltd., NEC Corporation, Mantra Softech (India) Pvt. Ltd., BioEnable, Dakar Systems Ltd., Matrix Comsec Pvt. Ltd., Identytech Solutions America Inc., mofiria Corporation, Johnson Controls (Tyco), BioSec Group Ltd., Imprivata Inc., Thales, amongst others.
The global palm vein scanner market is segmented as follows:
- Software and Services
- Finger Vein Biometrics
- Palm Vein Biometrics
- Unimodal Biometric System
- Multimodal Biometric System
- Physical Access and Biometric Authentication
- Logical Access and Biometric Authentication
- Embedded System
- User Identification
- Access Control and Biometric Authentication
- OEM Terminal Devices
- Banking, Financial Services, and Institutions
- North America
- The U.S.
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America