Palm Vein Biometrics Market to grow with CAGR of 14.5% by 2031 |Aware Inc., Accenture PLC, ASSA ABLOY AB, Fujitsu Ltd., Idemia,

New York,  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.

Take advantage of a limited-time opportunity: Get a 50% discount! –

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.

Request For Customization –

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


  • Software &Services
  • Hardware


  • Unimodal biometric system
  • Multimodal biometric system


  • BFSI
  • Government & defense
  • Aerospace
  • Automotive
  • Consumer electronics
  • Healthcare
  • Retail & e-commerce
  • Others

Exclusive Limited-Time Offer: Get a 50% Discount on Report Purchase Here –

With Global Insight Services, you receive:

  • 10-year forecast to help you make strategic decisions
  • In-depth segmentation which can be customized as per your requirements
  • Free consultation with lead analyst of the report
  • Excel data pack included with all report purchases
  • Robust and transparent research methodology

New Report Published by Global Insight Services –

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: [email protected]
Phone: +1-833-761-1700