Palm Vein Biometrics Market Analysis And Forecast To 2033: By Product (Software &Services, Hardware), Authentication (Unimodal Biometric System, Multimodal Biometric System), End-use (BFSI, Government & Defense, Aerospace, Automotive, Consumer Electronics

Palm Vein Biometrics Market Analysis And Forecast To 2033: By Product (Software &Services, Hardware), Authentication (Unimodal Biometric System, Multimodal Biometric System), End-use (BFSI, Government & Defense, Aerospace, Automotive, Consumer Electronics, Healthcare, Retail & e-commerce), and Region

The palm vein biometrics market size was USD 1.03 billion in 2023 and is anticipated to reach USD 4.20 billion in 2033, growing at a rate of 14.4% from 2024 to 2033.

Palm vein biometrics is a contactless and biometric authentication technology that compares the image of the palm vein scan of the individual captured at that instant to the image of the palm vein scan stored in the database. It uses vascular patterns as personal identification data. It is the secured technology and is difficult to forge as the data is retrieved from the body. Thus, it finds its applications in banking & finance, consumer electronics, commercial security, gaming sector, healthcare, and others. Innovations in the biometrics and scanning technologies make way for palm vein biometrics market growth.

Market Trends and Drivers

Surging adoption of biometric identification systems in BFSI, healthcare, and commercial sectors is anticipated to fuel the market growth, The use of biometrics in banking increases because consumers understand its potential as a predominant method of identifying themselves to access banking services such as branch banking, online banking, ATM networks, and mobile banking. Palm vein biometrics is used in the healthcare industry. It offers unique advantages to achieve and sustain 100% accurate patient identification and patient safety in healthcare and improve revenue cycle management. Palm vein identification has several commercial applications, such as stadiums and retail sectors. In July 2017, the BioSec Group’s installation of a biometric palm vein authentication system at the Hungarian Groupama Arena put an end to the football spectator violence that would occasionally occur at the 23,500-seat soccer stadium.

Market Restraints and Challenges

High convenience of use in alternative biometric methods such as facial, iris, and voice recognition will negatively impact the market growth. Palm vein biometrics offer various benefits, including high security, privacy, and accuracy, compared to alternative technologies such as facial, iris, and voice-based biometric systems. However, one of the potential restraints to adopting the palm vein scanner technology is that this technology does not offer the same amount of convenience as that offered by the various alternative biometric systems. Since palm vein scanner-based biometric systems do not offer long-range identification capabilities, their use has been potentially limited in the personal devices segment as compared to other alternative biometric systems.

Global Palm Vein Biometrics Market Segmental Overview

The report analyses the global palm vein biometrics market based on product, authentication, end-use, and region.

Global Palm Vein Biometrics Market by Product

Based on product, it is segmented into standard software & services and hardware. Among these, the software & services segment accounted for significant market share in 2023. Software including SDKs, APIs, OS, integration software, data management software, and other middleware are essential in integrating a palm vein sensor or sensor technology into an end device based on user requirements. Most of the finger vein and palm vein biometric software and SDKs developed today are compatible with various OS, including Windows, Linux, and Android. Further, the growing acceptance of subscription models for software among businesses incorporating biometric solutions has led to their strong adoption in the market.

Global Palm Vein Biometrics Market by Authentication

Based on authentication, it is segmented into unimodal biometric system and multimodal biometric system. Among them, the multimodal biometric system segment is expected to experience the fastest growth rate during the forecast period. Biometrics which uses more than two biometric traits of the individual to identify a person is called as multimodal biometrics. The recognition rate can be improved by using multimodal biometrics. Compared to unimodal biometrics, multimodal biometrics is most widely used in the organizations. By using facial images, fingerprints, iris scanning, hand geometry, voice recognition methods and so on, they can identify a individual person. To measure two or more biometric characteristics, biometric systems take input from single or multiple sensors. Example of multibiometrics is system that combines face and iris characteristics for biometric identification. In order to improve the recognition rate, multibiometrics combines the two or more biometric modalities. Unimodal biometrics does not provide the desire performance. So the best approach to improve accuracy and performance is to use is multibiometrics. Hence, aforementioned factor will propel the segment growth.

Global Palm Vein Biometrics Market by End-use

Based on end-use, it is segmented into BFSI, government & defense, aerospace, automotive, consumer electronics, healthcare, retail & e-commerce and others. Among them, BFSI segment is expected to experience the fastest growth rate during the forecast period. The BFSI segment is expected to witness the highest CAGR growth during the forecast period by end-user vertical. Palm vein recognition biometrics are relatively more efficient and accurate than other conventional types of biometric systems and exhibit lower False Acceptance Rate (FAR) and False Rejection Rate (FRR), which is a vital reason behind the surge in demand for these systems. Several global banks and financial institutions have integrated biometric technologies such as palm vein recognition technology with access control systems in mobile applications that are being used on mobile devices, such as smartphones, to provide customers with secure access to online accounts. Therefore, palm vein recognition biometrics is a suitable and reliable solution as they are used for security purposes in the BFSI vertical to protect customers from data theft and identity theft.

Geographical Analysis of Global Palm Vein Biometrics Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America held the significant share in the market. According to the Federal Trade Commission, identity thefts related to payment and banking sector are prominent in North America, which in turn, is set to boost the adoption of advanced authentication services such as biometrics. The region is witnessing a growing interest among organizations in adopting systems that use biometric characteristics to identify people. For instance, a New Jersey-based healthcare company, Atlantic Health System uses Patient Secures biometric palm vein scanning solution to speed up the patient intake and improve record accuracy. This technology helps in preventing individuals from using someone else's medical data to receive treatment.. According to the Federal Trade Commission, in 2018, California experienced the maximum number of identity theft complaints. Around 73,668 cases of identity thefts were reported. Many BFSI organizations are adopting palm vein biometrics, which is fueling the markets growth in the region. For instance, Gesa Credit Union, a financial services institution, headquartered in the United States, is leveraging palm recognition technology in association with financial technology company Fiserv. Fiserv is a financial services technology solutions provider, that offers a DNA account processing platform and integrated services, including Verifast: Palm Authentication for biometric authentication.

Major Players in the Global Palm Vein Biometrics Market

The key players in the market are

Aware Inc.,

Accenture PLC,

ASSA ABLOY AB,

Fujitsu Ltd.,

Idemia,

NEC Corporation,

Nuance Communications Inc.,

Thales Group,

Stanley Convergent Security Solutions Inc.,

Leidos Holdings

Megvi (Face++), among others.

COVID-19 Impact

The recent COVID-19 pandemic is expected to impact the global palm vein scanner industry slightly negatively. The entire supply chain got disrupted due to a limited supply of parts during the first quarter of 2020. For instance, the outbreak of COVID-19 in China resulted in lockdown measures, including the shutdown of manufacturing facilities and warehouses, and affected various industries' global exports and shipments. The lockdown measures announced in several countries worldwide as they got impacted by the COVID-19 pandemic also led to a fall in the domestic and import demand for high-cost biometric products, including palm vein scanners in these countries.

Recent Developments

• In May 2022, Mastercard to launched biometric checkout tool for retailers.
• In August 2023, Amazon introduced its new biometric palm print scanners.
• In February 2023, Amazon expanded its biometric-based Amazon One palm reader system to more retail stores.
• In May 2020, NEC Corporation announced the development of a multimodal biometric authentication terminal that has been recognized as the world's No.1 in benchmark tests for identification technologies conducted by the US National Institute of Standards and Technology (NIST) and is the core technology of NEC's multimodal biometric authentication brand
  
  Bio-Idiom.
  
• In December 2019, Recogtech partnered with Nedap (Netherlands), a leading technology company specializing in RFID and access solutions, to develop highly secured palm vein recognition technology

Frequently Asked Questions

Q1.

How big is the palm vein biometrics market market?

Ans.

The palm vein biometrics market size was USD 1.03 billion in 2023 and is anticipated to reach USD 4.20 billion in 2033, growing at a rate of 14.4% from 2024 to 2033.

Q2.

What is the palm vein biometrics market growth rate?

Ans.

The region growth rate of the palm vein biometrics market is 14.5%.

Q3.

Which holds a major market share for the sepsis diagnostics market?

Ans.

North America holds a major market share of the palm vein biometrics market in 2023.

Q4.

Which segment accounted for the largest palm vein biometrics market share?

Ans.

By therapy, the healthcare segment accounted for the largest palm vein biometrics market share.

Q5.

Who are the key players in the sepsis diagnostics market?

Ans.

The global palm vein biometrics market report includes players such as
Aware Inc.,

Accenture PLC,

ASSA ABLOY AB,

Fujitsu Ltd.,

Idemia,

NEC Corporation,

Nuance Communications Inc.,

Thales Group,

Stanley Convergent Security Solutions Inc.,

Leidos Holdings

Megvi (Face++), among others.

Q6.

What are the factors driving the palm vein biometrics market growth?

Ans.

The major factors driving the growth of the market are the rising demand for software based palm biometric across the globe.

Q7.

What are the key growth strategies of palm vein biometrics market players?

Ans.

The key growth strategies of palm vein biometrics market players are product launch and product approval.

Q8.

Which region will provide more business opportunities for the palm vein biometrics market during the forecast period?

Ans.

The Asia-Pacific region will provide more business opportunities for the palm vein biometrics market during the forecast period.

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