The 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.
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.
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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.
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.
Global Palm Vein Biometrics Market Segmentation
Product
- Software &Services
- Hardware
Authentication
- Unimodal biometric system
- Multimodal biometric system
End-use
- BFSI
- Government & defense
- Aerospace
- Automotive
- Consumer electronics
- Healthcare
- Retail & e-commerce
- Others
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