Palm Recognition Biometrics Market Size & Share, by Type (Palmprint, Palm Vein Biometrics); Component (Hardware, Software, Services); Technique (Line-Based, Subspace-Based, Texture-Based); Application (Security, User Authentication, Time & Attendance); End-user (BFSI, Healthcare, Government, Home Security, Commercial Security, Education, Military & Defense) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 2865
  • Published Date: Mar 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Palm Recognition Biometrics Market size is estimated to reach USD 2 billion by the end of 2035, growing at a CAGR of 22% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of palm recognition biometrics was over USD 1 billion. The growth of the market can be attributed to the rising concern for data and asset security amongst government organizations, banks, enterprises, hospitals, telecommunication organizations, and, individuals, among others, are endorsing for greater use of advanced biometric verification systems. Hence, the rising number of banks is also expected to boost the demand for palm recognition biometrics across the globe. As of 2021, approximately 100 thousand scheduled banks were observed to be functioning in India alone.

In addition to these, the global palm recognition biometrics market trends include the increasing number of crimes worldwide, as well as the need for forensic organizations to adapt to technologies that can help them stay ahead of criminals. Additionally, the adoption of biometric technology by the FBI is further anticipated to be a major growth factor in the market. There is escalating need for accurate patient identification systems in the healthcare sector, which in turn is anticipated to promote the demand for palm recognition biometrics over the forecast period. 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. 


Palm Recognition Biometrics Market
Get more information on this report: Request Free Sample PDF

Palm Recognition Biometrics Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence Cybercrimes to Boost the Market Growth – cybercrimes are generally committed via the internet which to break palm recognition biometrics, a hacker needs physical access to it. This factor is a major restraint between a security system and a hacker. Hence, the surge in cybercrimes is projected to hike the market growth over the forecast period. For instance, in 2022, around 200,000 cybercrimes took place across the globe.

  • Rising Cases of E-commerce Fraud – a surge in the cases of E-commerce fraud is stated to drive the market growth since biometrics are difficult to copy and use for malicious activities. Hence, the number of E-commerce fraudulent can be reduced using Recognition Biometrics. For instance, in 2022, approximately USD 40 billion were lost to online payment fraud around the world.

  • Increasing Biometric Payment Method – nowadays, people prefer online methods to make payments. Online payments are more convenient and safer than using real money. For instance,  in the United States, around 72% of people were ready to use fingerprint authentication than PIN code in 2021 while this figure for Saudi Arabia was anticipated to be around 88%.

  • Growing Sales of Smartphones across the Globe – fingerprints and biometrics are highly utilized in smartphones nowadays to enhance the security of these devices. For instance, the unit sales of smartphones were projected to be around 1.5 billion in 2021 while nearly 1 billion mobile phones were shipped across the globe.

Challenges

  • High Deployment Costs of Palm Recognition Biometrics
  • Most organizations restrict to technology updates owing to the fear of the high costs that they would have to pay for them. 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 during the forecast period. Moreover, as businesses and governments are under constant threat from hackers, the fear of data theft or fraud is also therefore anticipated to limit market growth over the forecast period.
  • Fear of Privacy Intrusions to Hamper the Market Growth
  • Lack of IT Professionals to Operate Palm Recognition Biometrics

Palm Recognition Biometrics Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~22%

Base Year Market Size (2022)

~ USD 1 Billion

Forecast Year Market Size (2035)

~ USD 2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Palm Recognition Biometrics Segmentation

Type (Palmprint, Palm Vein Biometrics)

The global palm recognition biometrics market is segmented and analyzed for demand and supply by type into palmprint and palm vein biometrics. Out of these segments, the palmprint segment is estimated to gain the largest market share in the year 2035. 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. Palmprints are used in the applications such as criminal, forensic, or commercial. For instance, it was estimated that 30% of the latent prints found at crime scenes come from palms. 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 palm vein biometrics segment, on the other hand, is also projected to grow by holding the second-largest share of the segment. 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.

Component (Hardware, Software, Services)

The global palm recognition biometrics market is also segmented and analyzed for demand and supply by component into hardware, software, and services. Amongst these three segments, the hardware segment is expected to garner a significant share in the year 2035. The common examples of hardware associated with palm recognition biometrics are readers, scanners, cameras, and others, out of which, the scanners segment was projected to cross USD 16 million in the year 2021. Hardware palm recognition equipment is good for integration, training, and maintenance. Additionally, the digital cameras segment is anticipated to reach approximately USD 1 billion in 2023.

Our in-depth analysis of the global market includes the following segments:

 

         By Type

  • Palmprint
  • Palm Vein Biometrics

 

         By Component

  • Hardware
  • Software
  • Services

        By Technique

  • Line-Based
  • Subspace-Based
  • Texture-Based

 

        By Application

  • Security
  • User Authentication
  • Time & Attendance
  • Others

         By End-User Industry

  • BFSI
  • Healthcare
  • Government
  • Home Security
  • Commercial Security
  • Education
  • Military & Defense
  • Others

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Palm Recognition Biometrics Industry - Regional Synopsis

North American Market Forecast

The North American palm recognition biometrics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing implementation of facial recognition and biometric payment systems in the region which is mainly installed in banks, offices, and other organizations. Apart from that surge in the regional population to purchase mobile phones and laptops with robust security features is further expected to propel the market growth over the forecast period. The United States is estimated to be the world’s largest region with smartphone users. For instance, as of 2021, nearly 300 million smartphone users were noticed to be living in the United States.

APAC Market Statistics

The Asia Pacific palm recognition biometrics market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the increasing population in the region which is anticipated to boost smartphone sales and financial activities. Higher penetration of the internet in the region is anticipated to flourish these activities over the forecast period. Hence, such factors are expected to propel the market growth over the forecast period.

Research Nester
Palm Recognition Biometrics Market Size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Palm Recognition Biometrics Landscape

top-features-companies
    • Imprivata, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • BioSec Group Kft.
    • Fujitsu Limited
    • iDLink Systems Pte Ltd.
    • M2SYS Technology
    • Identytech Solutions America Inc.
    • Mantra Softech (India) Pvt. Ltd.
    • Redrock Biometrics
    • Matrix Comsec Pvt. Ltd.

In-the-news

In The News

  • Imprivata, Inc. announced that it has launched the touchless biometric palm scanner, a solution designed by the joint expertise of Keyo, Inc. along with Imprivata. The touchless scanner is aimed at enabling healthcare organizations to ensure that clinicians have the access to the correct records of the patients.

  • BioSec Group ltd. announced that the integration of its LifePass biometric authentication middleware with the SIPORT access control and time tracking system of Siemens is under process. The integration of the middleware system of BioSec would benefit Siemens SIPORT system with the functionalities of palm vein recognition technology.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 2865
  • Published Date: Mar 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing prevalence of cybercrimes to boost the market growth and growing sales of smartphones across the globe are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 22% over the forecast period, i.e., 2023-2035.

Lack of awareness regarding IBS treatment and the side effects of IBS drugs are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are BioSec Group Kft., Fujitsu Limited, iDLink Systems Pte Ltd., M2SYS Technology, Identytech Solutions America Inc., Mantra Softech (India) Pvt. Ltd., Redrock Biometrics, Matrix Comsec Pvt. 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 market is segmented by type, component, technique, application, end-user industry, and by region.

The palmprint segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Palm Recognition Biometrics Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying