Palm Vein Biometrics Market (Updated Version Available)

Palm Vein Biometrics Market Size, Share & Trends Analysis, By Product Type (Hardware, Software, and Service), Applications (Access Control, Time and Attendance, Payment Systems, Security Systems, and Others), End Users (Banking and Financial Sector, Transportation, Government, Healthcare, Home Security, Commercial Security, Consumer Electronics, Education Sector), Region, Forecast Period 2023 - 2030

Report ID : RI_673700 | Date : March 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

Palm Vein Biometrics Market size was valued at USD 1.00 Billion in 2022, registering a CAGR growth of 15.5% during the forecast period (2023-2030), and the market is projected to be valued at USD 3.17 Billion by 2030.

Palm vein biometrics is a technology that uses near-infrared light to capture an image of the veins in a persons palm. This image is then used to create a unique biometric template, which can be used to authenticate the identity of the person. Palm vein biometrics is considered to be a highly secure biometric modality because the palm vein patterns are unique to each individual and cannot be easily replicated or forged. Unlike other biometric modalities such as fingerprint or face recognition, the palm vein patterns are located beneath the skin and are not visible to the naked eye, making it difficult for an attacker to steal or copy the biometric data.

Moreover, key manufacturers in the palm vein biometrics market engaged in investing in research and development and expansion activities for palm vein biometric products, which impact enhancing the market demand. For instance, Fujitsu developed multimodal biometric authentication in the year 2021, which combines palm vein authentication and face authentication. On the basis of regions, Asia Pacific is expected to be the fastest-growing region in the palm vein biometrics market during the forecast period owing to the rapidly growing end users such as the banking and financial sector, home security, and commercial security.

Global Palm Vein Biometrics Report Coverage:

Report AttributesReport Details
Study Timeline2017-2030
Market Size in 2030 (USD Billion)3.17 Billion
CAGR (2023-2030)15.5 %
Base Year2022
By Product TypeHardware, Software, and Service.
By ApplicationsAccess Control, Time and Attendance, Payment Systems, Security Systems, and Others.
By End UsersBanking and Financial Sector, Transportation, Government, Healthcare, Home Security, Commercial Security, Consumer Electronics, and Education Sector.
By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
Key PlayersFUJITSU, NEC Technologies India Private Limited, Aware, Inc., Gemalto Cogent, Inc., BIO-key International, Inc., Daon, Facebanx, HID Global Corporation/ASSA ABLOY AB, SUPREMA, IRITECH, INC., M2SYS Technology, Precise Biometrics AB, secunet Security Networks AG., Thales Group, Cognitec Systems GmbH, Crossmatch and Fulcrum Biometrics, LLC.


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Market Dynamics:

Driver:

• The increasing demand for advanced security solutions in various sectors, including banking, healthcare, and government is driving the growth of the market. The technology offers a high level of accuracy, making it ideal for applications that require reliable identification and authentication.

• The growing need for secure and seamless authentication methods, particularly in industries where there is a high risk of fraud or identity theft is increasing the adoption of palm vein biometrics. For example, in the healthcare sector, the use of palm vein biometrics can help prevent medical identity theft and ensure that patient records are accurate and secure.

Restraint:

Palm vein biometric scanners are expensive to manufacture and install, which makes them less accessible for small and medium-sized businesses. Additionally, the technology requires specialized equipment and training, which can increase the overall cost of implementation.

Opportunities:

Palm vein biometrics can be used to authenticate customers and employees in banks and financial institutions, reducing the risk of fraud and identity theft. It can also streamline the process of opening new accounts and conducting transactions. Moreover, Palm vein biometrics can be used in hospitals and clinics to identify patients and ensure accurate medical recordkeeping. It can also help prevent medical identity theft, which is a growing problem in the healthcare industry.

Palm Vein Biometrics Market Competitive Landscape:

The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-

• Fujitsu
• NEC Technologies India Private Limited
• Aware, Inc.
• Gemalto Cogent, Inc.
• BIO-key International, Inc.
• Daon
• Facebanx
• HID Global Corporation/ASSA ABLOY AB.
• SUPREMA
• IRITECH, INC.
• M2SYS Technology
• Precise Biometrics AB
• secunet Security Networks AG.
• Thales Group
• Cognitec Systems GmbH
• Crossmatch
• Fulcrum Biometrics, LLC.

Recent Developments:

• In February 2021, Fujitsu carried out research on multimodal biometric authentication which combines palm vein authentication and face authentication. A key feature of the technology is realizing the same convenience as using conventional palm vein authentication. It is applied in contactless payments.

• In September 2020, Fulcrum Biometrics, Inc. expanded with the acquisition of the UK-based DelaneyBiometrics business. The acquisition strengthened the biometric solution offerings for small and medium enterprises, particularly in the areas of access control and time and attendance.

Palm vein biometrics Market Segmentation:

img-palm-vein-biometrics-market-statistics



By Type

The Type segment is categorized into hardware, software, and service. Hardware is an essential component of palm vein biometrics. The hardware typically includes a palm vein scanner, which is used to capture the near-infrared image of the palm, and a computer or other device that is used to store and process the biometric data. Some examples of hardware used in palm vein biometrics include palm vein scanners, computers, smart cards, and mobile devices among others. In 2022, the hardware segment accounted for the highest market share due to its widespread use in various applications in the banking and financial, educational sectors. Furthermore, the software segment is anticipated to be the fastest-growing segment in the palm vein biometrics market. Software plays a vital role in the palm vein biometrics system as it captures and analyzes the palm vein pattern, stores and manages biometric data, and integrates with other security systems. The software of palm vein biometrics has various benefits such as high accuracy, contactless, and fast and efficiency among others. Thus, all these above-mentioned factors are contributing to the dominance of the segment.

By Applications

The applications segment is divided into access control, time and attendance, payment systems, security systems, and others. Palm vein biometrics can be used for access control to secure areas or facilities. The technology provides a high level of accuracy and security in identifying authorized personnel, reducing the risk of unauthorized access and security breaches. Moreover, the palm vein biometrics for access control can be used for enrollment, verification, and access. Therefore, the access control segment accounted for the highest share of the palm vein biometrics market. However, the security systems segment is expected to be the fastest-growing segment as it is used in various industries, including finance, healthcare, and government. The integration of palm vein biometrics with security systems enhances security and reduces the risk of unauthorized access. Hence, the increasing demand for sputtering technology is expected to drive the growth of the segment.

By End Users

The end-user segment is divided into the banking and financial sector, transportation, government, healthcare, home security, commercial security, consumer electronics, and education sector. The banking and financial sector accounted for the highest share of the palm vein biometrics market due to its accuracy, security, and convenience. It is used for identity verification, authentication, and fraud prevention, making it an essential tool in the banking industry.
However, the healthcare segment is anticipated to witness notable growth during the forecast period. This is due to the increasing popularity of palm vein biometrics technology, particularly in medical institutions where patient safety and security are paramount. The growing healthcare industry and intense patient care solutions are the major factors that propel the growth of the market.

By Region

By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounted for the highest market share in 2022, this is due to the presence of key players operating in the palm vein biometrics industry, including Safran, HID Global Corporation/ASSA ABLOY AB., and many others. Furthermore, technological advancements and early adoption of palm vein biometrics for various applications such as time and attendance, and payment systems are additionally contributing to the dominance of the region.

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However, North America is expected to be the fastest-growing region in the palm vein biometrics market during the forecast period, this is due to the region holds a strong manufacturing base and has governmental support for the development of palm vein biometrics.
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