Palm recognition biometrics is referred to the advanced form of authentication technology to prevent unauthorized access. Unlike the traditionally used authentication systems, such as keystroke dynamics-based user authentication using numeric keypads, key-based authentication, and identity badges among others, palm recognition biometrics identifies the palm scan records stored in the database with the instantly scanned palm image of an individual.
The global palm recognition biometrics market is anticipated to record a CAGR of 18.28% during the forecast period, i.e., 2020-2030. The market is thriving on account of the opportunities created by the advancements in criminal identification systems, along with the rising adoption of palm recognition biometrics by the government of nations worldwide. Further, rising concern for data and asset security amongst government organizations, banks, enterprises, hospitals, telecommunication organizations, and individuals among others is raising the need for increased adoption of advanced biometric verification systems. Moreover, the increasing number of crimes worldwide is also raising the need amongst forensic organizations to adapt to technologies that can help them stay ahead of the criminals. For instance, the Federal Bureau of Investigation (FBI), which is a law enforcement agency in the United States, introduced on May 5, 2013, the National Palm Print System (NPPS), a repository that maintains more than 29 million individual palmprints and more than 15 million unique palmprint identities. The adoption of the biometric technology by the FBI significantly improved its access to palmprints. Additionally, backed by the growing trends in the biometric industry, there is a raising need for accurate patient identification systems in the healthcare sector, which in turn is anticipated to promote the demand for palm recognition biometrics. Furthermore, the higher accuracy rate of palm recognition biometrics, and the need for touchless palm recognition biometric systems amidst the emergence of COVID-19 as a global pandemic, are some of the additional significant factors anticipated to raise the demand for palm recognition biometrics in the coming years. Additionally, the global palm recognition biometrics market is further projected to cross USD 580 million in 2021 and touch USD 2662.09 million by the end of 2030.
The global palm recognition biometrics market is segmented by regions into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Among the market in these regions, the Asia Pacific palm recognition biometrics market registered the largest market share of 31.54% in the year 2019 and is projected to grow with the highest CAGR of 20.01% during the forecast period. Rising trends of e-commerce and virtual payment systems across several countries in the region, such as China, India, Japan, South Korea, Taiwan, and others, are contributing to the increase in the adoption of biometric systems among consumers. Financial institutions are increasingly deploying palm recognition biometrics in ATMs to limit fraudulent activities. Alternatively, hospitals and other business organizations are deploying biometric verification systems for granting access to employees and further to track their movement. Moreover, the growing concern for the rising number of data breaches in the region is also raising the need amongst the end-users to increasingly deploy palm recognition biometrics, which in turn is anticipated to drive the market growth in the region. The market in the region is further projected to touch USD 984.97 million by the end of 2030. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global palm recognition biometrics market is segmented by type into palmprint biometrics and palm vein biometrics. Among these segments, the palmprint biometrics segment is projected to grow with the highest CAGR of 20.70% during the forecast period. Palmprint recognition authentication systems are based on the information that has been acquired from the palm imprints of an individual. The key advantages of using palmprint recognition are its user-friendly nature and greater flexibility. However, the high processing time of the palmprint recognition system is one of the major disadvantages that is impacting its share of the market. The palm vein biometrics segment, on the other hand, is projected to register the highest share in the year 2021. Palm vein recognition authentication systems measure the vein patterns and utilize infrared light to map the vein structure underneath the skin of an individual’s palm. Moreover, as palm vein biometric systems use a contactless authentication technology, hence it finds massive utilization in hospitals and other environments where hygiene is a key factor. Upon the outbreak of the coronavirus pandemic, these palm recognition systems observed a significantly high demand from various end-users for their contactless authentication properties.
The global palm recognition biometrics market is further segmented by component into hardware, software, and services. Among these segments, the hardware segment for palmprint recognition biometrics is projected to register the largest market share of 50.10% by the end of 2030. The hardware segment for palmprint recognition biometrics is further divided into readers, scanners, cameras, and others, out of which, the scanners segment is projected to cross USD 16 million in the year 2021. Further, the software segment for palm vein recognition biometrics is divided into operating system, middleware, and others, out of which, the operating system segment is projected to grow with the highest CAGR of 18.13% during the forecast period. Furthermore, the services segment for palm vein recognition biometrics is divided into system integration, training, and maintenance. Among these segments, the system integration segment registered the highest market share in the year 2019.
The market is also segmented by technique into line-based, subspace-based, and texture-based, out of which, the texture-based segment is projected to hold the largest market share during the forecast period. The texture-based technique analyzes the texture from the palmprint images and is one of the highly effective palm recognition systems. Further, the market is segmented by application into security, user authentication, time & attendance, and others. The security segment registered the largest share of the market for different end-user industries, including BFSI, healthcare, government, home security, commercial security, and others. On the basis of the end-user industry segment, the BFSI segment registered the highest market share of 23.80% in the year 2019.
The banking and finance sector is one of the fastest-growing industries worldwide. As these companies possess a wealth of personally identifiable information, such as social security numbers, birthdates, credit card numbers, credit scores, phone numbers, and others, hence there is a growing need amongst these organizations to protect the information of their customers. Moreover, over the past few years, the financial service providers have observed some of the biggest thefts and frauds, especially from banks and payment processing companies, to loan providers and credit reporting bureaus. For instance, in the year 2017, the personal information of 147 million people of the United States, was exposed upon a data breach at Equifax. The Federal Trade Commission of the United States further announced that Equifax has agreed to settle with around USD 425 million to help people who were affected by the data breach. As a result, banking organizations are increasingly deploying biometric payment systems to limit the possibilities of fraudulent activities and thefts. Moreover, the increasing adoption of palm recognition biometric systems across other end-user industries, are also anticipated to drive the growth of the global palm recognition biometrics market in the coming years. For instance, on September 29, 2020, Amazon announced the launch of Amazon One, a unique device that uses palm recognition biometric technology to pay at stores or to enter a location, such as stadiums, workplaces, and others. Similarly, on January 22, 2020, Q5id, Inc announced that it has launched its all-new multifactor enrollment solution called Proven Identity Management (PIM), which also uses palm scans for truly proving an identity.
Most organizations restrict to technology updates owing to the fear of the high costs that they would have to pay for. As palm recognition biometrics usually cost high, hence, upgrading the existing systems of the end-users to the new technology would require significant investments, which is anticipated to hamper the market growth. Moreover, as businesses and governments are under constant threat from hackers, the fear of data theft or fraud is also therefore anticipated to limit the market growth.
The recent coronavirus pandemic has generated a significant opportunity for the rising demand for contactless biometric authentication systems. To meet the rising demand for such products, manufacturers in the biometric industry had made significant advancements in their products by developing contactless hand-based biometric systems. Moreover, with the rising number of coronavirus cases worldwide, the deployment of contactless biometric systems is projected to grow significantly in the days to come.
Some of the prominent players in the global palm recognition biometrics market are Imprivata, Inc., BioSec Group Ltd., Fujitsu Limited, iDLink Systems Pte. Ltd., M2SYS Technology, IdentyTech Solutions Ltd., Mantra Softech (India) Pvt. Ltd., Redrock Biometrics, and Matrix Comsec Pvt. Ltd.
FREQUENTLY ASKED QUESTIONS
Growing demand for biometric verification systems, such as biometric palm scanners, along with the growing biometric industry trends for adopting contactless palm recognition systems are some of the major factors driving the market growth.
The market is anticipated to attain a CAGR of 18.28% over the forecast period, i.e., 2020-2030.
The major players in the market are Imprivata, Inc., BioSec Group Ltd., Fujitsu Limited, iDLink Systems Pte. Ltd., M2SYS Technology, IdentyTech Solutions Ltd., and others.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The palm recognition biometrics market is segmented by type, component, technique, application, end-user industry, and by region.
The type segment is segmented into palmprint recognition biometrics and palm vein recognition biometrics. Amongst these, the palm vein biometric segment is projected to register the highest share in the year 2021.
Concerns for the high deployment costs of palm recognition biometrics is one of the major factors estimated to act as barriers to the growth of the market.
Global Palm Recognition Biometrics Market
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