palm vein biometrics Market size to surpass around USD 67.7 billion by 2031

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.

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Major Players in the Global Palm Vein Biometrics Market
The key players in the market are Aware Inc., , 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.

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.
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.

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