New York, Global Palm Vein Biometrics Market was valued at USD 17.4 billion in 2021 and it is anticipated to grow up to USD 67.7 billion by 2031, at a CAGR of 14.5% during the forecast period.
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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.
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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.
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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 2021. 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.
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.
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..
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 and Megvi (Face++), among others.
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