Palm Vein Biometrics Market Size will reach at US $3.5 Billion by 2032 & Analysis By 2022 -2029 -BioEnable, Fujitsu, M2SYS, Tyco, IdentyTech Solutions, iDLink Systems, Imprivata, Mantra Softech, Matrix Security Solutions

The global market for Palm Vein Biometrics estimated at US$894.4 Million in the year 2021, is projected to reach a revised size of US $3.5 Billion by 2032, growing at a CAGR of 19.67 % over the analysis period 2020-2032 Healthcare, one of the segments analyzed in the report, is projected to record a 21.9% CAGR and reach US$552.5 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Education segment is readjusted to a revised 14.8% CAGR for the next 7-year period.

Palm Vein Biometrics market competition by TOP Players are: BioEnable, Fujitsu, M2SYS, Tyco, IdentyTech Solutions, iDLink Systems, Imprivata, Mantra Softech, Matrix Security Solutions

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Restraint: High convenience of use in alternative biometric methods such as facial, iris, and voice recognition
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.

Opportunity: Growing demand for touchless biometric systems due to COVID-19
The global health crisis is influencing people's attitudes toward interaction with touch-based solutions, making it imperative for companies to first consider user safety throughout enrollment and authentication by implementing advanced biometric technologies. Palm vein authentication technology uses near-infrared light to capture an image of the veins' patterns that are hidden underneath the physical skin of a user's palm. Near-infrared light enables users not to have physical contact with the scanning device's sensor, which further increases the sensor's life and the entire palm vein scanning device. Due to the latest improvements in palm vein authentication technology, some scanning devices can handle finger vein authentications, fingerprint authentications, palm vein authentications, and iris authentications from within a single scanning unit.

Challenges: Availability of alternative biometric systems
There are various biometric identification systems available in the market, such as fingerprint identification, iris recognition systems, facial recognition systems, and speech recognition systems. Though palm vein scanners are more precise than any other biometric system, the cost involved in the system's installation and complexity makes organizations choose other biometric systems available in the market. Another limitation is that palm vein technology can only be truly used in a 1:1 search capacity, which limits its implementations to only small database environments. The system has lower recognition rates than fingerprint identification systems.

The software & services segment is expected to register the highest CAGR during the forecast period
The software & services segment is expected to register the highest CAGR during the forecast period by offering type. 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.

The embedded system segment for palm vein scanner is expected to witness higher CAGR growth during the forecast period
The embedded system segment of the palm vein scanner market is expected to register higher CAGR growth during the forecast period by functionality. Palm vein authentication devices are available for embedded use to various equipment, devices, and systems. Biometric devices such as palm vein readers have witnessed an increasing adoption by several financial institutions across the world for the purpose of authentication. Also, palm vein authentication units are increasingly being deployed at various point of sale (POS) terminals, printers/copying machines, and PCs worldwide.

BFSI segment is expected to witness higher CAGR growth 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.

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The market share (by revenue) for the public players will be based on the information available in the public domain, and for the private players, such information will be provided on best effort basis, which will entirely be based on primary interviews and latest developments of the companies

On the basis of product, the Palm Vein Biometrics market research displays the revenue, price, market share and growth rate of each type, primarily split into,

Hardware Devices, Recognition System.

On the basis of the end users, the Palm Vein Biometrics market research focuses on the status and outlook for major applications, consumption (sales), market share and growth rate for each application, including

Healthcare, Education, BFSI

This report categorizes the palm vein scanner market based on offering, product, authentication, functionality, end-user vertical, application, and region available at the regional and global level

By Offering
Hardware
Software & Services
By Product
Finger vein biometrics
Palm vein biometrics
By Authentication
Unimodal biometric system
Multimodal biometric system
By Functionality
Physical access control & biometric authentication
Logical access control & biometric authentication
Embedded System
By End-user Vertical
BFSI
Commercial
Industrial
By Application
Access control & biometric identification
User authentication
OEM terminal devices
By Region
APAC
North America
Europe
Middle East, Africa, and South America
Recent Developments
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.
In November 2019, Fujitsu launched the Fujitsu Security Solution AuthConductor V2 that uses various authentication methods, including palm vein authentication, to deliver comprehensive biometric authentication support for customers.
In November 2019, Barclays (UK) and Hitachi released an improved version of the Barclays Biometric Reader (BBR), a finger vein scanner that allows companies to access their banking platforms securely. The scanner uses infra-red technology to scan finger vein patterns and identify users based on these unique features.

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Geographically, the palm vein biometrics market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America is estimated to dominate the market followed by Europe owing to a large number of established manufacturing companies and rising investment activities pertaining to software technologies. In addition, wide distribution channels and high research and development capabilities are the factors leading to the growth in this region. In the U.S, palm vein biometric technology is widely used in various sectors including defense, justice and state, homeland security, and commercial security.

Asia Pacific is expected to witness the fastest growth over the coming decade. Rising awareness for biometric technologies, growing population base and an increasing number of manufacturing companies are the drivers anticipating the demand for palm vein biometric market. Furthermore, high disposable income level has a positive effect on the market growth.

The emerging countries such as India and China are expected to witness significant growth over the decade owing to the initiatives taken by the government such as UIDAI project in India which provides new opportunities for the palm vein biometric.

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